Toshiba to delay annual financial statement till August 10

Japanese electronics giant, Toshiba Corp said that it now estimates a bigger loss for the past year ended in March due to potential legal damages over a $1.3 billion accounting scandal as well as an increase in liabilities at its now-bankrupt U.S. nuclear unit.

The troubled industrial conglomerate said it expects to post a net loss of 995.2 billion yen ($8.95 billion), worse than its previous estimate of 950 billion yen.

It said negative shareholder equity at end-March was likely 581.6 billion yen, bigger than a previously estimated 540 billion yen.

Toshiba Corp also said that it has received approval from regulators for an extension to file its annual earnings until August 10.