Westinghouse files for bankruptcy protection

Westinghouse files for bankruptcy protection

The approval obtained at an extraordinary shareholders meeting comes a day after Toshiba's USA nuclear unit Westinghouse Electric Co. filed for Chapter 11 bankruptcy protection as the Japanese company looks to escape from under its money-losing overseas nuclear operations.

"This agreement with Westinghouse allows progress to continue to be made on-site while we evaluate the most prudent path to take going forward", said SCANA Chairman and CEO, Kevin Marsh.

SCANA will host a call with financial analysts at 3 p.m. SCANA management will provide an update on the impact of the bankruptcy on the new nuclear project.

Westinghouse Electrical Company LLC is battling to restructure its finances after being hit be costs due to two AP1000 nuclear reactor projects in in Georgia and SC over-running.

The first AP1000 was due to be completed in 2014, but construction was subject to delays as a result of design problems as well as a nationwide review of the nuclear industry following the Fukushima disaster in 2011.

Westinghouse is a behemoth in the world of nuclear vendors, with its technology in about half the world's reactors.

Westinghouse Electric said it will continue work at Georgia's Plant Vogtle and South Carolina's VC Summer power stations while it undergoes a "strategic restructuring". However, the unit representative said that the Westinghouse's bankruptcy would not affect its operation in Europe, the Middle East, Asia, and Africa.

USA nuclear developer Westinghouse Electric Co. has filed for bankruptcy. The Hindu had earlier reported that the June 2017 deadline would be uncertain if Westinghouse was to go ahead with filing for bankruptcy.

The United States relies on nuclear energy to provide about 20 percent of US electricity needs.

Toshiba acquired Westinghouse in 2006 with much fanfare, making nuclear power an important part of its business strategy.

Putting American taxpayers on the hook for any losses related to Westinghouse's failure would be an embarrassment for Japanese Prime Minister Shinzo Abe, particularly if the debacle sparks criticism from President Donald Trump of Japanese corporations in the United States.

The financial crisis also led to Toshiba delaying until April 11 the presentation of its results for the period October to December 2016, which estimates that its nuclear branch registered a loss of $6.2 billion.

Toshiba expects to book one of the biggest losses in Japanese corporate history with a net loss of $9 billion this year. It is likely to shrink the 712.5 billion yen loss the parent had been expected to take in connection with Westinghouse's acquisition of a nuclear construction services company in late 2015.



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