Westinghouse reaches deal to resolve bankruptcy: Reuters
Westinghouse Electric Co LLC, Toshiba Corp’s nuclear services business, has made an agreement with its creditors that will clear the company’s path out of bankruptcy, sources told Reuters. The deal will divvy up cash from the US$4.6 billion ($5.7 billion) proposed sale of Westinghouse to Brookfield Business Partners, an affiliate of Canada’s Brookfield Asset Management. As part of the agreement, Toshiba will sell its claims to a group of hedge funds led by the Baupost Group, making the group the biggest creditor in the case, the sources said. The claims sale helps avoid fights among creditors that threatened to slow down the case. Toshiba subsequently confirmed that it had struck a deal with the Baupost-led consortium.
17 January 2018•2 mins read
