CHAPTER 11 BANKRUPTCY
Nuclear vendor Westinghouse calls in lawyers amid meltdown
New York/Tokyo — US nuclear firm Westinghouse Electric has hired bankruptcy attorneys in a sign that owner Toshiba is more seriously weighing a chapter 11 filing to help it rein in a multibillion-dollar financial maelstrom. A chapter 11 bankruptcy is also known as a "reorganisation" bankruptcy. People familiar with the matter said the nuclear engineering company had brought in law firm Weil Gotshal & Manges as an exploratory step and had not yet taken a decision on a bankruptcy filing. The Japanese conglomerate faces huge pressure to meet a Tuesday deadline to publish audited earnings, postponed a month ago so that it could further probe potential problems at Westinghouse. It is also pushing forward with the sale of most or even all of its prized flash memory chip business as it seeks to plug an upcoming $6.3bn writedown for Westinghouse and create a buffer against future financial problems. Toshiba said it was not aware of any intention for Westinghouse to file for chapter 11 bankr...
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