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2018-04-09 11:05:00

TOSHIBA SELLS WESTINGHOUSE

TOSHIBA SELLS WESTINGHOUSE

WNNJapan's Toshiba announced today that it has completed the sale to Brookfield of its shareholding in Toshiba Nuclear Energy Holdings (US) Inc - the indirect holding company of Westinghouse Electric Company. The sale is independent of Brookfield's acquisition of Westinghouse and some of its affiliates.

Westinghouse filed for Chapter 11 bankruptcy protection with US courts in March 2017 to enable it to undergo strategic restructuring. The filing affected only its US operations, which included projects to construct four AP1000 reactors at two sites, 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 Toshiba for about USD4.6 billion.

Toshiba announced on 18 January it had signed a share purchase agreement under which it would sell to Brookfield all shares it holds in Westinghouse-related assets - Toshiba Nuclear Energy Holdings (US) and Toshiba Nuclear Energy Holdings (UK) Limited - for USD1. Toshiba Nuclear Energy Holdings (UK) is the indirect holding company for Westinghouse Group operating companies outside the USA.

While the sale of its shareholding in Toshiba Nuclear Energy Holdings (US) has now been completed with the receipt of regulatory approvals, Toshiba said it "will continue working to receive regulatory approvals for the sale of Toshiba Nuclear Energy Holdings (UK)'s shares, and targets early completion of the sale".

In late-March, Westinghouse announced its reorganisation plan had been approved by the US Bankruptcy Court for the Southern District of New York.

Toshiba said that once all the requirements specified in the reorganisation plan had been met, Westinghouse-related shares held by subsidiaries of Toshiba Nuclear Energy Holdings (US) will be cancelled and new shares will be issued to Brookfield.

Westinghouse expects the transactions to close in the third quarter, "subject to customary closing conditions including, among others, regulatory approvals".

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Earlier:

 WESTINGHOUSE REORGANISATION
2018, March, 30, 11:15:00

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".

 

 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: TOSHIBA, WESTINGHOUSE, NUCLEAR

Chronicle:

TOSHIBA SELLS WESTINGHOUSE
2018, April, 23, 14:25:00

U.S. SHALE OIL UP

FT - US shale oil companies have started to generate free cash thanks to the rise in crude prices, a landmark moment for an industry that has until now relied on an inflow of capital to support its growth.

TOSHIBA SELLS WESTINGHOUSE
2018, April, 23, 14:20:00

WBG WANT COUNTRIES

WBG - Bank Group must strengthen its financial capacity to meet the aspirations of its shareholders, mobilize capital at scale, and respond to global development challenges.

TOSHIBA SELLS WESTINGHOUSE
2018, April, 23, 14:15:00

IMF WANTS AFRICA

IMF - we agreed on the need to accelerate structural reforms and access to finance in order to raise overall investment and medium-term growth rates to support job creation. The Fund, through its policy advice, can assist countries to design and implement growth-friendly fiscal adjustment, when needed, that responds to the country-specific sources of debt vulnerabilities while preserving needed investments in infrastructure, human capital, and other priority expenditures

TOSHIBA SELLS WESTINGHOUSE
2018, April, 23, 14:10:00

IMF'S CORRUPTION

IMF - Directors also agreed that the Fund should continue to address governance issues and corruption in surveillance when the applicable standard of the Integrated Surveillance Decision has been met.

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