The 410 billion transfer includes a post-tax profit of 170 billion yen as well as 240 billion yen tax benefits.

On Thursday, Toshiba Corp stated once it sells its claims in Westinghouse Electric Co, its bankrupt nuclear unit, to a group led by the Baupost Group, its balance sheet would improve by around $3.68 billion (410 billion yen).

The development confirms an earlier media reports that it has agreed to transfer its stake to Brookfield WEC Holdings.

In a statement Toshiba said, the $3.68 billion includes an after-tax profit of around 170 billion yen from the sale of its claims, as well as tax benefits of around 240 billion yen.

Once this is combined with the 600 billion yen in new shares it issued last month, the Japanese giant would avoid falling into negative net work for the fiscal year 2017-2017.

The transfer of its Westinghouse shares to Brookfield, for $1, to be completed by March 31, said Toshiba in a statement.

($1 = 111.3300 yen)

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Tags: accounting treatment, Baupost Group, Brookfield WEC Holdings, Japan, Japanese, negative net worth, nuclear bussiness unit, tax benefits, Toshiba Corp, Westinghouse Electric Co