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Toshiba's Westinghouse to file for U.S. bankruptcy Tuesday-sources
March 28, 2017 / 3:22 PM / 8 months ago

Toshiba's Westinghouse to file for U.S. bankruptcy Tuesday-sources

TOKYO, March 29 (Reuters) - U.S. nuclear developer Westinghouse Electric Co plans to seek bankruptcy protection from creditors on Tuesday as it struggles with losses that have thrown its Japanese parent Toshiba Corp into crisis, people familiar with Toshiba’s thinking said.

Pittsburgh-based Westinghouse, crippled by cost overruns at two U.S. projects in Georgia and South Carolina, will file for protection under Chapter 11 of the U.S. Bankruptcy Code, the people told Reuters on Tuesday.

One of the sources has direct knowledge of the decision and one has been briefed on the matter.

Toshiba media representatives could not immediately be reached for comment outside office hours. (Reporting by Kentaro Hamada and Taro Fuse; Editing by William Mallard)

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