Toshiba reaches deal to help resolve Westinghouse bankruptcy, rebuild finances. Toshiba Corp said on Thursday it had clinched an agreement to sell its claims in bankrupt U.S. nuclear plant maker Westinghouse Electric Co LLC in a deal that would add $3.7 billion to the Japanese owner’s depleted capital base. The Japanese conglomerate has also agreed to transfer its Westinghouse-related shares to Canada’s Brookfield Business Partners (BBU_u.TO), which earlier this month agreed to buy the unit for $4.6 billion – money that will be used to repay the nuclear plant maker’s creditors. These deals could help clear Westinghouse’s path out of bankruptcy before Toshiba’s financial year ends in March, while also allowing the Japanese firm to resolve its negative net worth and stay listed on the Tokyo Stock Exchange. Toshiba said in a statement that it would sell its claims against Westinghouse to a group of hedge funds led by the Baupost Group, and that the deal that would contribute about 410 billion yen ($3.68 billion) to its capital base.
Reuters 18th Jan 2018 read more »