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2018-03-30 11:15:00

WESTINGHOUSE REORGANISATION

WESTINGHOUSE REORGANISATION

WNN - Westinghouse Electric Company's reorganisation plan - including its sale to Brookfield - has been approved by the US Bankruptcy Court. Westinghouse said the court's approval of the plan is a "significant milestone in the company's strategic restructuring".

Westinghouse filed for Chapter 11 bankruptcy protection with US courts in March 2017 to enable it to undergo strategic restructuring. The company's bankruptcy filing affected only its US operations, including projects to construct a total of four AP1000 reactors at two projects, Vogtle in Georgia, and VC Summer in South Carolina.

On 4 January, it was announced that Brookfield Business Partners, together with institutional partners - collectively known as Brookfield - had agreed to acquire 100% of Westinghouse from Japanese parent company Toshiba for about $4.6 billion.

Toshiba said on 18 January that it had signed a share purchase agreement under which it will also sell to Brookfield all shares it holds in Westinghouse-related assets - Toshiba Nuclear Energy Holdings (US) Inc and Toshiba Nuclear Energy Holdings (UK) Limited - for $1.

On the same day, Toshiba said it had signed an assignment and purchase agreement with Brookfield and Nucleus Acquisition - a consortium controlled by the Baupost Group - under which it will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

Toshiba also entered into a Plan Support Agreement with key stakeholders in Westinghouse's Chapter 11 reorganisation proceedings, including Westinghouse, the Statutory Committee of Unsecured Creditors, Brookfield and Nucleus. Under that agreement, Toshiba's equity interests will be subordinated to payment of all other Westinghouse claims in the proceedings. The stakeholders also agreed to support the reorganisation plan and the acquisition of Westinghouse by Brookfield.

Westinghouse announced yesterday that its reorganisation plan had been approved by the US Bankruptcy Court for the Southern District of New York.

The company said it expects the transactions to close in the third quarter of 2018, "subject to customary closing conditions including, among others, regulatory approvals".

Westinghouse president and CEO Jose Gutierrez said: "Confirmation of our plan of reorganisation is one of the final steps in the completion of our strategic restructuring. Our customers, employees, suppliers, vendors, and other important constituencies overwhelmingly supported our plan of reorganisation. We are on track to fulfil our promise to emerge from this strategic restructuring process as a stronger business partner while retaining our primary focus on safety."

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Earlier:

 NUCLEAR FUEL FOR EUROPE
2018, March, 14, 11:10:00

NUCLEAR FUEL FOR EUROPE

WNN - A consortium led by Westinghouse Electric Company has completed an EU-funded project aimed at diversifying the supply of fuel to Russian-built VVER-440 reactors in Europe.

 

 TOSHIBA SELLS WESTINGHOUSE
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

 

 BROOKFIELD  BUYS  WESTINGHOUSE: $4.6 BLN
2018, January, 5, 23:30:00

BROOKFIELD BUYS WESTINGHOUSE: $4.6 BLN

WNN - Brookfield highlighted Westinghouse's "strong market position" as the "largest service provider" to the world's nuclear facilities; its well-established global base of long-term customers; its "attractive" revenue and cash flow profile, with regularly scheduled services provided under long-term contracts; and its "strong reputation", driven by focus on innovation.

 
 
 
 
Tags: WESTINGHOUSE

Chronicle:

WESTINGHOUSE REORGANISATION
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

WESTINGHOUSE REORGANISATION
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

WESTINGHOUSE REORGANISATION
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

WESTINGHOUSE REORGANISATION
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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