The accounting-scandal-plagued giant is now rumored to be readying to sell all or part of its Toshiba Medical Systems unit, with Fujifilm Holdings a likely contender.

Toshiba wholly owns Toshiba Medical, and sources told the Yomiuri Shimbun that it is planning to sell 50 percent or more of its shares to raise money. Such a sale to an overseas company, however, might be tough to get through the government as it would lower the competitiveness of Japanese firms, so it is likely that the buyer would be a Japanese firm.

For Fujifilm, the purchase would generate little overlap between existing product lines, as the company's health care offerings consist primarily of X-ray systems, pharmaceuticals, and endoscopy equipment. Sources report that Toshiba has already discussed its selling plans with Fujifilm.

Nikkei Asian Review cites Sony, Hitachi, Canon, GE Healthcare and the Samsung group as other possible bidders.

HCB News reached out to Toshiba for comment but did not immediately receive a response.

In a statement issued on December 21, Toshiba stated its decision to "invite outside majority shareholder(s)" was based on "careful and thorough consideration" and being done "in order to gain sufficient business resources for appropriate investment toward TMSC’s further growth," indicating the company does not have plans to sell its entire medical business, only the majority of it.

Toshiba, at the very end of 2015, reported that it estimated a net loss in the year ending in March to hit a record $4.5 billion. This includes a $1.2 billion restructuring cost brought about by its accounting scandal, The New York Times reported in December. Toshiba admitted in July that it had overstated profits by over 150 billion yen during a seven year period.

The Japanese firm announced at that time that it would cut 7,800 jobs, which added to other cuts, puts the employment losses at about 10,000 for 2015.

To add to its trouble, Moody's downgraded its credit rating to Ba2 — junk status — at year-end. "The announcement indicated that earnings and cash flow generation will be significantly below our previous expectations," Moody's analyst Masako Kuwahara told The Telegraph.

“As a manager, I feel the responsibility deeply,” Masashi Muromachi told the Times. He took the helm as president after the company revealed in July that it had misled the public for years about its profits, using various accounting maneuvers. “My biggest task now is to ensure that we start recovering next year,” he stated.

Toshiba's health care division had sales of 409.5 billion yen in the 12 months to March, and operating income of 23.9 billion yen, according to data compiled by Bloomberg, noted the Telegraph.

The rumored sale of Toshiba Medical, Japan's number one medical equipment company, could bring in several hundred billion yen, Yukihiko Shimada, a senior analyst at SMBC Nikko Securities, told the paper. A buyer is expected to be chosen by March.

Toshiba Medical's core business is the production and sales of diagnostic imaging units, such as CT devices and MRI scanners. It holds the fourth-largest market share of such equipment worldwide. It only accounts for about 10 percent of the giant's total sales, however, not enough to be vital in the restructuring. Toshiba's total sales are 6.7 trillion yen for the year ending in March, the Wall Street Journal reported.

The company-wide woes have created a crisis for the company that could even hurt its profitable divisions, if they become starved for cash, according to the Journal. The company needs to ensure that its core nuclear power and memory chip businesses maintain access to capital.

“We admit our steps toward restructuring were behind the curve,” Muromachi told the Journal recently. “The damage wouldn’t be this large if we had been able to implement overhaul plans much sooner.”

But Toshiba can learn from electronics firms, which have made faster decisions to cut back as sales of consumer electronics have sagged.

“Toshiba should have done across-the-board restructuring years ago, but it’s not too late,” Atsushi Osanai, an associate professor at Waseda Business School in Tokyo, told the Journal.