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.

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