U.S. Nuclear Firm Westinghouse Sees End To Bankruptcy Proceedings In 2018

U.S. Nuclear Firm Westinghouse Sees End To Bankruptcy Proceedings In 2018

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.

Cost overruns at four nuclear reactors it was building in the United States pushed Westinghouse, a unit of Japan’s Toshiba Corp, into bankruptcy in March.

Utilities in the U.S. state of South Carolina abandoned construction of two of those reactors in July.

Asked when the company could emerge from Chapter 11 proceedings, Westinghouse Chief Executive Officer Jose Gutierrez told Reuters: “The timeline is complicated, but it will obviously not happen this year.”

He said it could happen quickly once a solution was found for the remaining two U.S. reactors under construction in Georgia, adding that the rest of the firm was in good shape. Read More…

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