U.S. nuclear firm Westinghouse expects to emerge from bankruptcy with sufficient equity in coming weeks and is targeting Saudi Arabia and India for new reactor sales, its CEO said.
US nuclear major Westinghouse, overcoming troubles over bankruptcy and buoyed by takeover by a Canadian consortium, will hold talks this week with the Indian government.
The New Year has brought a fresh ray of hope in India’s nuclear energy sector, with Westinghouse, the bankrupt energy company being sold to a Canadian investment major, Brookfield Business Partners this week. Westinghouse is supposed to build six of its AP-1000 nuclear reactors in India, a project that had been delayed after the company filed for bankruptcy earlier in 2017.
A U.S. judge shot down a request by creditors of Westinghouse Electric Co LLC for a bigger role in the nuclear technology company’s bankruptcy just days after its parent company Toshiba Corp proposed a restructuring plan.
US nuclear industry giant Westinghouse expects to exit bankruptcy in the next few months following which it plans to hold commercial discussions on six nuclear reactors with India.
U.S. nuclear reactor maker Westinghouse does not expect to come out of Chapter 11 bankruptcy proceedings before the end of 2017 but hopes to complete restructuring in early 2018, its CEO said.
As Westinghouse is already struggling to win more business for the AP1000 reactor, India’s continuation with talks may be consolatory as the job has become much harder after the suspension of two of the four reactors in the US.
India has asked Japanese company Toshiba to offer ways to resolve the issue of sale of nuclear reactors following bankruptcy of its US-based Westinghouse Electric Company
Even though Westinghouse has lost considerable value, the India-US civil nuclear accord retains much of its own
The government today said that WestingHouse has expressed willingness to continue with the Kovadda nuclear plant.