September 15, 2017 / 9:47 AM / 10 months ago

Westinghouse hopes to get out of Chapter 11 in early 2018

LONDON, Sept 15 (Reuters) - U.S. nuclear reactor maker Westinghouse does not expect to come out of Chapter 11 bankruptcy proceedings before the end of this year but hopes to complete its restructuring early next year, its chief executive said.

CEO Jose Gutierrez said that majority shareholder Toshiba continues to look for a buyer for the company and that while investment bank PJT is exploring opportunities, no formal talks with a potential buyer are under way.

He said he hopes that the four AP1000 Westinghouse reactors under construction in China will go into operation next year.

“I am very cautious, but I think that 2018 will be the year. I am preparing my luggage to take a plane and having a big celebration,” Gutierrez told Reuters at the annual World Nuclear Association conference.

Indian authorities have confirmed they remain interested in buying six AP1000 reactors despite announcing plans in May to build 10 reactors of Indian design, he said.

Reporting by Geert De Clercq and Susanna Twidale; editing by Jason Neely

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