TOKYO (Reuters) -Japan’s Toshiba (OTC:) Corp on Tuesday reported an 87.5% drop in third-quarter working revenue and minimize its full-year earnings estimate for a second time.

It additionally stated Chief Working Oficer Goro Yanase had resigned over the inappropriate use of leisure bills in 2019 when he was an government at Toshiba Power Techniques and Options Corp.

Toshiba posted an working revenue of 5.3 billion yen ($40.4 million) for the October-December quarter, far lower than a consensus estimate of 36.95 billion yen from 4 analysts polled by Refinitiv.

Toshiba lowered its working revenue forecast for the 12 months ending in March to 95 billion yen from 125 billion yen.

The weak efficiency comes at a time when the beleaguered industrial conglomerate is assessing a buyout proposal from a consortium led by personal fairness agency Japan Industrial Companions (JIP).

The JIP consortium submitted its formal proposal final week, after sources stated the buyers had secured 1.4 trillion yen ($10.6 billion) in mortgage commitments for his or her buyout together with a dedication line of 200 billion yen for working capital.

The ultimate buyout proposal would additionally embody an fairness portion of about 1 trillion yen, the sources stated, including that many particulars of the potential buyout need to but to be fastened.

($1 = 131.8800 yen)