Toshiba has announced plans to sell Westinghouse, its bankrupt nuclear reactor business, in a move that could help rescue the stricken Moorside nuclear power plant project in Cumbria. The embattled Japanese conglomerate announced on Sunday that it would raise 600bn yen (£4bn) as it seeks to shore up cash to avoid being de-listed from the Tokyo Stock Exchange. The funds will be used to guarantee any claims against Westinghouse, the US nuclear reactor business, which was meant to build the reactor for the proposed plant in Cumbria but filed for bankruptcy earlier this year. Toshiba currently owns the NuGen project to build the nuclear plant but has said it is unable to fund it given the company’s enormous financial difficulties, which stemmed from having to write down billions after the collapse of Westinghouse. A sale of the US business, which aims to emerge from bankruptcy soon, may clear the way for a separate investor to take the NuGen project forward, although potential bidders have suggested they may rely on other reactor suppliers. Private equity giants Blackstone and Apollo are among those considering a bid for Westinghouse, while purported investors in the NuGen Moorside project include China General Nuclear.
Telegraph 19th Nov 2017 read more »