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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, September, 19, 13:43:00

ЦЕНА URALS: $74,45568

МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 августа по 14 сентября 2018 года составила $74,45568 за баррель, или $543,5 за тонну. Согласно расчетам Минфина России экспортная пошлина на нефть в РФ с 1 октября 2018 года повысится на $7,5 и составит $137,5 за тонну.

WESTINGHOUSE REORGANISATION
2018, September, 19, 13:39:00

SAUDIS OIL PRODUCTION: 10.42 MBD

PLATTS - Saudi production has since risen to 10.42 million b/d in August, the country reported to OPEC in the organization's most recent monthly oil market report. Saudi Arabia's crude oil stocks, which have been declining steadily over the last three years, fell to 229.41 million barrels in July, down 11.4% since May 2017, the JODI data showed.

WESTINGHOUSE REORGANISATION
2018, September, 19, 13:35:00

U.S. PRODUCTION: OIL + 79 TBD, GAS + 961 MCFD

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 79,000 b/d month-over-month in October from 7,515 to 7,594 thousand barrels/day , gas production to increase 961 million cubic feet/day from 72,127 to 73,088 million cubic feet/day .

WESTINGHOUSE REORGANISATION
2018, September, 19, 13:30:00

U.S. - CHINA SANCTIONS: $60 BLN

REUTERS - Beijing on Tuesday said it would tax U.S. products worth $60 billion effective Sept. 24 in retaliation for tariffs imposed by U.S. President Donald Trump in an escalating trade war.

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