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Kazakh uranium firm says won't be affected by Westinghouse bankruptcy
April 26, 2017 / 5:37 AM / 7 months ago

Kazakh uranium firm says won't be affected by Westinghouse bankruptcy

ALMATY, April 26 (Reuters) - The bankruptcy of Toshiba Corp’s U.S. unit Westinghouse Electric Co will have no negative impact on the finances of its minority shareholder Kazatomprom, the Kazakh uranium miner said on Wednesday.

Kazatomprom said in a statement that it held a put option that would allow the firm to sell its entire 10 percent stake in Westinghouse back to Toshiba at the price of the original purchase.

Kazatomprom, which paid $540 million for the stake in 2007, did not explicitly say whether it would execute the option.

Westinghouse filed for bankruptcy last month after being hit by billions of dollars of cost overruns at four nuclear reactors under construction in the U.S. Southeast. (Reporting by Olzhas Auyezov; Editing by Richard Pullin)

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