Westinghouse files for bankruptcy

Huge writedown: The Vogtle Unit 3 and 4 site that are being constructed by primary contractor Westinghouse, a business unit of Toshiba, near Waynesboro, Georgia, US. Toshiba has warned of a possible US6.2bil writedown on the nuclear energy business. – Reuters

WILMINGTON: Toshiba Corp’s US nuclear unit, Westinghouse Electric, filed for Chapter 11 bankruptcy in New York court after the Japanese company warned of a possible US$6.2bil writedown on the nuclear energy business.

The Pennsylvania-based reactor developer, whose technology forms the basis of about half the world’s atomic units, has been grappling with delays at projects in Georgia and South Carolina, which led to the impairments. Toshiba said this month it may sell a majority stake in the nuclear business.