Westinghouse, Toshiba’s struggling nuclear subsidiary, has hired specialist lawyers to advise on the merits of the US company filing for Chapter 11 bankruptcy protection, according to two people familiar with the appointment. However, Toshiba’s lenders are deeply divided about whether Westinghouse should pursue this option, partly because of fears that it could rapidly expose the Japanese conglomerate to new costs and cause serious reputational damage. The appointment by Westinghouse of bankruptcy experts from Weil, Gotshal & Manges, the US law firm, comes as Toshiba — which is grappling with the worst crisis in its history — strives to meet a deadline of next Tuesday to release audited results for the third quarter of 2016.
FT 9th March 2017 read more »
TOSHIBA has repeated that it is “not aware” of any plans for its American nuclear division to file for Chapter 11 bankruptcy. This comes following new reports saying Westinghouse Electric – part of the Japanese giant which is due to produce the three reactors which would power the proposed Cumbrian nuclear new build at Moorside, near Sellafield – has called in specialist bankruptcy lawyers.
Carlisle News and Star 9th March 2017 read more »