Beijing — Toshiba’s Westinghouse Electric unit will continue operating normally in Asia and Europe, despite the ongoing Chapter 11 restructuring, an executive at the troubled company said on Friday. Westinghouse filed for bankruptcy last month, hit by billions of dollars of cost over-runs at four nuclear reactors under construction in the US. Despite the filing, the company will continue existing projects in China and pursue others, focusing on engineering and procurement rather than construction, said Gavin Liu, Westinghouse president for Asia, at an industry event. The plan is to de-couple the US AP1000 nuclear reactors from the rest of Westinghouse’s operations, which he said are "very healthy and profitable". "The rest of the Westinghouse business, the healthy part, which is new plant construction, fuel, service, decommissioning — we anticipate an ownership change," Liu said, adding that there has been "high interest from the financial community". A source with knowledge of the ...
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