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BRIEF-Westinghouse Electric files for bankruptcy
March 29, 2017 / 7:39 AM / 9 months ago

BRIEF-Westinghouse Electric files for bankruptcy

March 29 (Reuters) - Westinghouse Electric Company:

* Co, and certain of its subsidiaries and affiliates, filed voluntary petitions under chapter 11 of u.s. Bankruptcy code

* Files for chapter 11 protection and secures $800 million in dip financing to fund operations

* Seeking to undertake strategic restructuring as result of some financial, construction challenges in u.s. Ap1000 power plant projects

* Existing letters of credit have been cash collateralized in full, will remain in place; financing to allow for new letters of credit to be issued

* Reached an agreement with each owner of the U.S. AP1000 projects to continue these projects during an initial assessment period Source text for Eikon: Further company coverage:

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