TOKYO (AP) — Troubled Japanese electronics giant Toshiba Corp. has chosen a U.S.-Japan consortium as the preferred bidder in its attempt to sell its lucrative memory chip business.

Tokyo-based Toshiba said Wednesday the board of directors selected the consortium of Innovation Network Corp. of Japan, Bain Capital Private Equity and the Development Bank of Japan as the preferred bidder in the sale of Toshiba Memory Corp.

Toshiba recently sank into deep losses that threaten its survival and it has been selling off pieces of its operations. Its U.S. Westinghouse nuclear operations have racked up massive red ink.

The board's decision still needs shareholders' approval.

Western Digital of the U.S., which has acquired some SanDisk chip operations, including a joint venture with Toshiba in Japan, has said it wants to be the bidder.