>> A hammer blow for Toshiba stocks on Wednesday, shares in the Japanese tech giant tumbling more than 12%. A day after the company put off releasing it's quarterly earnings for a second time. A $6.3 billion write down over it's doomed US nuclear division has forced execs to come up with a new vision that they call rebuilt Toshiba.
Part of the plan, spinning off it's most profitable unit just to stay alive. Reuter's Tim Kelly explains what life after microchips might look like.>> What your left with is a company that makes things like elevators, it makes water sewage plants, it makes a lot of things. I mean it's a company that's been around for more than a hundred years.
It cannot stop making live pops in the 1870's in Japan you know when there was still Samarai walking the streets. But and if you look at what's left, you know there is a big growing business which it will need in the future if it's going to expand it's overall business.
>> It's a long fall for the company that gave the world the first mass market laptop. Letting go of memory chips leaves the rest of Toshiba business exposed and there could be more unwelcomed bumps on the road ahead.>> In 2013, it committed to buy 7 billion tons of LNG.
The price of LNG has since flipped but it still has to buy it at the price it commits to. In the future if it needs to raise cash it has fewer assets than the council plus it still remains suspended on the Tokyo Stock Exchange. Which means that the current account can't raise cash through new stock issues.
Which is something the company's used all the time to raise additional cash. So, and we can state the question remains can it face future shocks and that as yet is unclear.>> Wednesday may have been a tough day for Toshiba shareholders, but the worst could still be yet to come.
Tokyo's Stock Exchange is reviewing whether or not to delist its shares altogether.