Posted on 03/29/2017 4:52:05 AM PDT by RS_Rider
TOKYO - U.S. nuclear developer Westinghouse Electric Co plans to seek bankruptcy protection from creditors on Thursday as it struggles to limit losses that have thrown its Japanese parent Toshiba Corp into crisis, people familiar with Toshiba's thinking said.
Pittsburgh-based Westinghouse, crippled by cost overruns at two U.S. power plant projects in Georgia and South Carolina, will file for protection under Chapter 11 of the U.S. Bankruptcy Code, the people told Reuters on Thursday.
One of the sources has direct knowledge of the decision and one has been briefed on the matter.
Toshiba media representatives could not immediately be reached for comment after business hours. On Monday, the company said it was premature to comment on a potential bankruptcy. Westinghouse declined to comment.
A Westinghouse bankruptcy filing will help limit future losses for Toshiba.
The move will trigger complex negotiations between the Japanese conglomerate, its U.S. unit and creditors, and could embroil the U.S. and Japanese governments, given the scale of the collapse and U.S. government loan guarantees for new reactors.
A Westinghouse bankruptcy is a “concern” for the administration of U.S. President Donald Trump, which is in touch with the Japanese government on the matter, an administration official told Reuters on Tuesday.
“If several different things happen in a bad way, there's a potential national security issue here,” the official said.
(Excerpt) Read more at triblive.com ...
Thomas Edison approves.
I'd bet the majority, if not all of those cost overruns are due to regulatory compliance and permit issues. Obama's EPA probably drove them to this.
You must have been saving that page for a while... It's no longer available at "Business Insider."
Stories are taken down to make bandwidth for new stories....never know when that’ll happen.
The story is out there....just not at that original URL.
American torpedoes in World War II were terrible. But those were the Mark XIV which were from American Can, not Westinghouse. The Westinghouse Mark XVIII copied a German design and was better, but still had its own problems.
The US should have executed a few naval officers over the torpedo fiasco to encourage their co-workers.
The circular run issue sank two friendly subs.
Toshiba, it will be recalled, is the Japanese company which sold the Cold War Soviet Union secrets involved in the manufacture of ultra-quiet submarine propellers.
Understood, and in the same vein when you go to an electronics store looking for a TV, the worst junk is branded RCA and Quasar and other names I remember from my youth.
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