As it stated in Toshiba acquired Westinghouse in 2006 with much fanfare, making nuclear power an important part of its business strategy.
Toshiba has said it’s expecting a loss of 500 billion yen ($4.3 billion) for April-December of last year, including a 712.5 billion yen ($6.2 billion) hit from its embattled nuclear business.
Toshiba President Satoshi Tsunakawa said the move was aimed at “shutting out risks from the overseas nuclear business.”
Japan’s embattled Toshiba Corp. said Wednesday that its U.S. nuclear unit Westinghouse Electric Co. has filed for bankruptcy protection, marking a key step in its struggles to stop the flow of massive red ink.
Toshiba said in a statement that it filed the Chapter 11 petition in the U.S. Bankruptcy Court of New York.
As it stated in Westinghouse Electric Co. LLC, the builder of the nation’s first nuclear plants in 30 years, has filed for Chapter 11 bankruptcy protection as a result of “certain financial and construction challenges” from those very projects, the company said early this morning.
As it stated in more-inJapanese nuclear major Toshiba has announced that its embattled U.S. nuclear wing Westinghouse 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.
by Westinghouse and the Nuclear Power Corporation of India Ltd.
Westinghouse’s move would cause a $4.3 billion loss for Toshiba and is likely to impact the company’s plans for setting up six nuclear reactors in Andhra Pradesh under the India-U.S. nuclear deal.
He had also assured that the chances of bankruptcy did not exist.
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