Westinghouse files for bankruptcy protection to buy time for restructuring
Cranberry Township, US — Westinghouse, the US nuclear unit of Toshiba which took Eskom to the Constitutional Court over a R5bn tender dispute, has filed for bankruptcy protection. The Japanese conglomerate’s board approved the Chapter 11 filing in a US court in New York on Tuesday, a step that temporarily shelters struggling firms as they try to restructure their affairs and debts. Westinghouse technology, which is based outside Pittsburgh, Pennsylvania, is at the core of about half the world’s nuclear reactors. "Westinghouse ... and certain of its subsidiaries and affiliates, today filed voluntary petitions under Chapter 11 of the US Bankruptcy Code," the US firm said in a statement. "The company is seeking to undertake a strategic restructuring as a result of certain financial and construction challenges." Toshiba has previously warned it was facing a write-down topping ¥700bn ($6.3bn) at Westinghouse. Toshiba’s shares have lost more than half their market value since late Decembe...
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