Tagged With "Westinghouse"

I guess the fire sale is under way @fullspeed

TOKYO — Toshiba, whose U.S. nuclear unit Westinghouse has filed for bankruptcy protection, is reporting a 950 billion yen ($8.4 billion) net loss for the fiscal year ended March. The Japanese electronics giant's results have failed to win auditors' approval from the previous quarter, after questions were raised over the acquisition of U.S. nuclear construction company CB&I Stone and Webster. Tokyo-based Toshiba Corp. called the results released Monday as projections, rather than results,...

Toshiba's bankrupt nuclear unit left an uncertain future for two half-finished nuclear reactors in Georgia -- but the company promised Saturday it will pour up to $3.68 billion into the project to finish it. The Tokyo-based company will pay out the billions to Georgia Power, a subsidiary of Southern Company, in installments between this coming October and January 2021. Southern Company said the deal will hand over management of the project from Toshiba's ( TOSYY ) nuclear unit, Westinghouse,...

James Titcomb 19 November 2017 • 7:56pm T oshiba 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...

CNNMoney Toshiba's disastrous foray into the U.S. nuclear business is coming to an end. The Japanese conglomerate is selling Westinghouse, its beleaguered U.S. nuclear unit, for $4.6 billion to Canadian investment firm Brookfield Business Partners, the companies said. "The decision to sell Westinghouse is good news for creditors, as well as our company," Toshiba said Friday. The collapse of Westinghouse cost Toshiba some $6.4 billion, forcing the storied Japanese company to admit its...

Toshiba Corp. has agreed to sell claims in its Westinghouse U.S. nuclear unit to bolster its capital by 410 billion yen ($3.68 billion) by March, helping it to erase negative shareholder equity and avoid being delisted. The Tokyo-based company plans to complete the sale of the claims to an entity controlled by the Baupost Group LLC this month, it said in a statement Thursday. The deal will generate after-tax profit of 170 billion yen. Toshiba shares rose as much as 2.9 percent in Tokyo. The...