TOSHIBA has responded to media speculation that its US nuclear division is set to file for Chapter 11 bankruptcy by saying it it is “not aware” of this action taking place. The embattled Japanese giant – which has a 60 per cent stake in Nugen, the company with plans to build a new nuclear power plant at Moorside, near Sellafield – was responding to a story in the Nikkei, Japan’s leading financial publication. Chapter 11 bankruptcy gives a company in financial difficulties protection from its creditors for a limited period to allow it to reorganise. This report suggested that the firm was looking into this course of action for its US subsidiary Westinghouse Electric, which would build the three reactors for the proposed Cumbrian new nuclear plant.
Whitehaven News 24th Feb 2017 read more »
Toshiba Corp. will explore Chapter 11 bankruptcy for U.S. nuclear power unit Westinghouse Electric Co. among options to rebuild the business while using proceeds from the sale of its mainstay chip business to continue operating it, sources close to the matter said Friday.
Japan Times 24th Feb 2017 read more »