On Friday, Japan’s Toshiba Corp stated, it has filed an application to return to the Tokyo Stock Exchange’s first section.

In 2017, Toshiba was relegated to the second section following a massive writedowns at its U.S. nuclear power business after posting liabilities that exceeded its assets. This condition triggers an automatic demotion.

Although previously, the Tokyo Stock Exchange had required that companies that have been demoted would have required at least five consecutive years of audited financial reporting to return to the first section, that requirement was reduced to two year earlier this year.

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