Troubled electronics and technology giant Toshiba has warned that it could go under, after finally publishing its much-delayed financial reports for April-December 2016 - unaudited.
The company warned in a statement accompanying the accounts that "There are material events and conditions that raise substantial doubt about the company's ability to continue as a going concern".
Toshiba has been clobbered in recent years by a series of costly mistakes in its nuclear power division. This culminated at the end of March in a Chapter 11 bankrupcy protection filing for Westinghouse, the US nuclear technology company it bought in February 2006 for $5.4bn from British Nuclear Fuels (BNFL) - more than twice the amount BNFL had expected to raise from the sale.
As a result, it has had to write off $8bn following a false accounting scandal discovered two years ago, an affair from which the company is still struggling to recover from.
Toshiba is now being forced to sell prize assets in order to stay afloat, while the board hopes to secure bridging loans to keep the company going until the sale of these assets have been completed.
These potential sales include its Swiss smart metering business, its television business, which has interested Turkish electronics giant Vestel and, most high-profile of all, its semiconductor division.
A glut of companies have shown an interest in Toshiba's chip division, with rival Foxconn reportedly offering as much as $27bn already. A slew of other interested parties also reportedly considering a bid include Hynix, Micron and Kingston Technology.
Toshiba's semiconductor division has been planning to build a new fabrication plant in addition to the one currently co-owned with WD (Sandisk) to produce next-generation flash memory, making it a valuable prize.
The company's auditors, PricewaterhouseCoopers Aarata, has twice refused to sign-off Toshiba's accounts, indicating that there might be more bad news to come out, and causing the company to twice fail to declare its financials, as promised. There is consequently a risk that Toshiba will be ignominiously delisted from the New York Stock Exchange as a result.
It therefore took the risky decision to report its accounts as they are without its auditor's signature.
The company's losses could top one trillion yen (just shy of $9bn) and in doing so it would become one of the biggest losses in Japanese corporate history.
It may also herald the end of a company whose history stretches back to the merger of two companies to form Tokyo Shibaura Denki in 1939.
A press conference is expected later today, which will aim to provide some assurances to shareholders about the company's future.
It has already stopped making its own-brand laptops, televisions and many of the other consumer electronics products that bear its name, instead licensing its brand to manufacturers like Vestel and Foxconn.
Computing's IT Leaders Forum 2017 is coming on 24 May 2017.
The theme this year is "Going Digital: Why your most difficult customer is your best friend".
Attendence is free, but strictly limited to IT Leaders. To find out more and to apply for your place, check out the IT Leaders Forum website.
10nm Cannon Lake Core i3-8121U CPUs make a rare outing with Intel's NUC mini PC
'Notorious' Australian child hacker thought he had executed 'flawless' hack
The former employee says that Tesla fired him for bringing the accusations to management internally