TOKYO (AP) — Japanese electronics and energy giant Toshiba has delayed its deadline for reaching an agreement on selling its lucrative computer memory chip business.

The company said Wednesday negotiations were continuing on a 2 trillion yen ($18 billion) deal with a consortium led by a Japanese government-backed fund.

Financially ailing Toshiba needs the cash from selling Toshiba Memory Corp. to survive. It is facing the risk of having its shares delisted if it does not get auditors to sign off on long-delayed earnings statements by Aug. 10.

The consortium led by government-backed Innovation Network Corp. of Japan includes Bain Capital Private Equity LP and the Development Bank of Japan.

Toshiba said it was "taking time to reach a consensus" because multiple parties are involved. Its joint venture Western Digital opposes the sale.