A Canadian investment fund is planning to buy bankrupt United States nuclear infrastructure firm Westinghouse Electric from Toshiba. The deal is supposed to be concluded by the third quarter of this year.
Westinghouse said Thursday that the deal with Brookfield doesn't involve cash, but includes the assumption of a number of pension, environmental and operating obligations.
Westinghouse has said it is aiming to exit bankruptcy as soon as March, which would allow Toshiba to book tax benefits in the current fiscal year.
Toyota GR Super Sport Concept hints at future supercar
Billed by the company of having the latest in hybrid racing tech, Toyota claimed it combines performance and efficiency into one. The GR Supersport concept draws inspiration from Toyota's LMP1 and you can see the exterior which resembles the LMP1 auto .
The proposed acquisition by Brookfield Business Partners together with institutional partners covers substantially all of the global business of Westinghouse Electric Company and its affiliated debtors and debtors-in-possession. Toshiba did not immediately respond to requests for comment. But because Westinghouse has filed for Chapter 11 bankruptcy protection, it is not treated as Toshiba's consolidated subsidiary.
The company's January 4 announcement said the $4.6 billion purchase price "for substantially all of the global business of Westinghouse Electric Company LLC and its affiliated debtors and debtors-in-possession excludes cash, but includes the assumption of certain pension, environmental and other operating obligations".
However, the company suffered after it agreed to build two plants in the U.S. Southeast on fixed-price contracts.
People are drinking 'raw water,' and they need to stop it now
Raw water may contain carcinogenic elements that have made their way into the water source, high levels of arsenic, and more. He told the New York Times that "real water" should also expire after a few months. "And I feel good drinking it".
One of Westinghouse's unfinished US projects, known as Vogtle in Georgia, will continue with Southern Co replacing the company as the project manager.
Brookfield won an auction to propose the best possible offer for the company, and has a plan to reorganize its bankrupt USA assets as well, a person familiar with the offer told Bloomberg. Throughout the process, Westinghouse will continue to operate in the ordinary course of business under its existing senior management.
Toshiba acquired Westinghouse in 2006 for 5.4 billion dollars.
Pulp and paper industry in NL braces for Trump administration newsprint duties
Since then, US producers' share of the American market has plummeted from 60 percent to 36 percent, the company said. Following a period of tension over possibly having more taxes imposed by Canada's neighbours to the south, the U.S.
Created to be safer than reactors of old, the Westinghouse AP1000 design was supposed to revive an industry plagued by the accident at Three Mile Island in 1979. Four research analysts have rated the stock with a buy rating, Brookfield Business Partners L.P. Limited Partnership Units now has a consensus rating of "Buy" and a consensus price target of $29.66.