CRANBERRY TOWNSHIP, Pa.–(BUSINESS WIRE)–Westinghouse Electric Company, LLC, a U.S. company, and certain of its
subsidiaries and affiliates, today filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code. The Company is seeking to
undertake a strategic restructuring as a result of certain financial and
construction challenges in its U.S. AP1000® power plant
projects. Westinghouse has obtained $800 million in debtor-in-possession
(DIP) financing from a third-party lender to help fund and protect its
core businesses during its reorganization. The Chapter 11 filings took
place in the U.S. Bankruptcy Court for the Southern District of New York
in New…
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