Westinghouse kondigt strategische reorganisatie aan
CRANBERRY TOWNSHIP, Pa.–(BUSINESS WIRE)– Westinghouse Electric Company, LLC, een in de Verenigde Staten gevestigd bedrijf, heeft samen met bepaalde zuster- en dochterondernemingen een vrijwillig verzoekschrift ingediend conform Hoofdstuk 11 van de Amerikaanse Faillissementswet. Het bedrijf streeft naar een strategische reorganisatie, nadat het op financiële en bouwkundige problemen is gestuit bij de oplevering van Amerikaanse AP1000®-kernreactoren. Westinghouse heeft van een externe partij een DIP-lening (DIP, Debtor in Possession) van 800 miljoen dollar gekregen voor de financiering en bescherming van kernactiviteiten gedurende de reorganisatie. De faillissementsaanvraag is ingediend bij de U.S. Bankruptcy Court van het Zuidelijke District van New York, in de stad New York.
“Vandaag hebben we actie ondernomen om Westinghouse op koers te houden voor een oplossing van de financiële problemen rond AP1000 en tegelijkertijd onze centrale activiteiten te beschermen”, zei interim-president en ceo José Emeterio Gutiérrez. “We richten ons op een reorganisatieplat, zodat we sterker dan voorheen uit dit faillissement komen en een internationale leider in nucleaire technologie blijven.”
Westinghouse Announces Strategic Restructuring |
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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 York City. “Today, we have taken action to put Westinghouse on a path to resolve our AP1000 financial challenges while protecting our core businesses,” said Interim President & CEO José Emeterio Gutiérrez. “We are focused on developing a plan of reorganization to emerge from Chapter 11 as a stronger company while continuing to be a global nuclear technology leader.” The DIP financing will fund Westinghouse’s core businesses of supporting operating plants, nuclear fuel and components manufacturing and engineering as well as decommissioning, decontamination, remediation and waste management as the company works to reorganize around these strong business units. Existing letters of credit have been cash collateralized in full and will remain in place. The financing will also allow for new letters of credit to be issued. The Company has reached an agreement with each owner of the U.S. AP1000 projects to continue these projects during an initial assessment period. Westinghouse remains committed to its AP1000 technology as the industry’s premier Gen III+ nuclear power plant design, and will continue its existing projects in China as well as pursuit of other potential projects in the future. Westinghouse’s operations in its Asia and Europe, the Middle East and Africa (EMEA) Regions are not impacted by the Chapter 11 filings. Customers in those regions will continue to receive the high-quality products and services they have come to expect in the usual course as the regions will also be supported by the DIP financing. As part of today’s Chapter 11 filings, Westinghouse also filed several “first day” motions with the Court to ensure business continuity through payment of employee salaries, wages and benefits, as well as pay its suppliers for the delivery of services. The motions are expected to be approved by the Bankruptcy Court. Westinghouse is represented by Weil, Gotshal & Manges LLP in its Chapter 11 cases. View source version on businesswire.com: http://www.businesswire.com/news/home/20170329005462/en/ Contacts Westinghouse Electric Company |
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