toshibas us nuclear unit files for bankruptcy protection
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Toshiba's US nuclear unit files for bankruptcy protection

Arab Today, arab today

Arab Today, arab today Toshiba's US nuclear unit files for bankruptcy protection

Toshiba's loss-making US nuclear unit Westinghouse Electric has filed for bankruptcy protection
Tokyo - AFP

Toshiba's loss-hit US nuclear unit Westinghouse Electric Company has filed for bankruptcy protection, the companies said Wednesday, as the troubled division wrestles with huge losses and accounting fraud claims.

The Japanese conglomerate's board approved the Chapter 11 filing in a US court in New York, a step that temporarily shelters struggling firms as they try to restructure their affairs and debts.

Westinghouse technology is at the core of about half of the world's nuclear reactors.

"Westinghouse Electric.... and certain of its subsidiaries and affiliates, today filed voluntary petitions under Chapter 11 of the US Bankruptcy Code," the US firm said in a statement.

"The company is seeking to undertake a strategic restructuring as a result of certain financial and construction challenges," said Westinghouse, which is based outside Pittsburgh, Pennsylvania.

Toshiba has previously warned it was facing a writedown topping 700 billion yen ($6.3 billion) at Westinghouse.

The Japanese conglomerate’s shares have lost more than half their market value since late December when Toshiba warned of a flood of red ink at Westinghouse and said it was investigating whistleblower claims of possible accounting fraud by senior executives at the division.

Japanese financial regulators have given the company until April 11 to publish results for the October-December quarter, which were originally due in mid-February.

Toshiba said Wednesday its current fiscal year through March net loss could balloon to 1.01 trillion yen, well up from an earlier projected annual loss of 390 billion yen.

"Since December 2016, WEC and Toshiba have been working to determine the scale of the possible loss, investigate the causes and to implement preventive measures and actions,” Toshiba said in a statement.

Westinghouse, which employs about 12,000 people, has had delay problems with construction of so-called AP1000 reactors in Georgia and South Carolina.

The division was once hailed by Toshiba as a future growth driver after the 2011 Fukushima nuclear accident brought new business in Japan to a screeching halt.

But the US firm has been hit by the project delays and cost overruns while weakening prospects for the nuclear power industry globally have also weighed on its fortunes.

source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

toshibas us nuclear unit files for bankruptcy protection toshibas us nuclear unit files for bankruptcy protection

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

toshibas us nuclear unit files for bankruptcy protection toshibas us nuclear unit files for bankruptcy protection

 



GMT 23:24 2017 Tuesday ,24 January

Mofida Shiha prefers social TV programs to politics

GMT 21:23 2017 Sunday ,13 August

Fierce clashes between Daesh, SDF in Raqqah

GMT 19:31 2017 Monday ,16 October

Azhar Imam, Mufti to inaugurate international Fatwa

GMT 18:33 2017 Tuesday ,28 March

S. Korea Preparing for N. Korean ICBM Launch

GMT 23:39 2017 Tuesday ,19 September

Iran recruits Afghans, Pakistanis to fight in Syria

GMT 03:51 2017 Saturday ,11 November

'Lazarus' Daly says recovery no miracle

GMT 13:30 2017 Friday ,17 February

Four killed in Kashmir Gun battle

GMT 18:51 2017 Friday ,17 November

FIA WEC Bapco 6 Hours of Bahrain weekend starts

GMT 00:56 2017 Tuesday ,22 August

Britain calls on EU to move Brexit talks forward

GMT 18:56 2017 Wednesday ,01 February

Russia calls for Syria's return to Arab League

GMT 02:29 2017 Wednesday ,08 November

World's richest turf contest hikes prize money

GMT 10:33 2017 Saturday ,15 April

Chicago airport security under fire

GMT 16:30 2017 Sunday ,19 March

100,000 starve while S. Sudan buys weapons

GMT 23:09 2017 Thursday ,30 November

ERC distributes winter aid to Syrian refugees in Jordan
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday