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takyon and Fnord666 both sent in this story:

Westinghouse Electric Company has filed for bankruptcy:

Westinghouse Electric Co, a unit of Japanese conglomerate Toshiba Corp, filed for bankruptcy on Wednesday, hit by billions of dollars of cost overruns at four nuclear reactors under construction in the U.S. Southeast.

The bankruptcy casts doubt on the future of the first new U.S. nuclear power plants in three decades, which were scheduled to begin producing power as soon as this week, but are now years behind schedule.

The four reactors are part of two projects known as V.C. Summer in South Carolina, which is majority owned by SCANA Corp, and Vogtle in Georgia, which is owned by a group of utilities led by Southern Co.

Costs for the projects have soared due to increased safety demands by U.S. regulators, and also due to significantly higher-than-anticipated costs for labor, equipment and components.

Pittsburgh-based Westinghouse said it hopes to use bankruptcy to isolate and reorganize around its "very profitable" nuclear fuel and power plant servicing businesses from its money-losing construction operation.

Also at Ars Technica and Business Insider.

Toshiba's Westinghouse problems have caused the company to sell off other assets:
Toshiba in Trouble
Toshiba Shares Plunge Ahead of Nuclear Investment Writedown
Toshiba Considers NAND Business Split; Samsung Delays Release of 4 TB SSDs
Toshiba Nuked Half its Assets

Original Submission #1  Original Submission #2 

1. "takyon" - https://soylentnews.org/~takyon/
2. "Fnord666" - https://soylentnews.org/~Fnord666/
3. "Westinghouse Electric Company" - https://en.wikipedia.org/wiki/Westinghouse_Electric_Company
4. " filed for bankruptcy" - http://www.reuters.com/article/us-toshiba-accounting-board-idUSKBN17006K
5. "Ars Technica" - https://arstechnica.com/business/2017/03/nuclear-giant-westinghouse-files-for-bankruptcy-after-costs-skyrocketed/
6. "Business Insider" - http://www.businessinsider.com/westinghouse-toshibas-us-nuclear-unit-files-for-bankruptcy-2017-3
7. "Toshiba in Trouble" - https://soylentnews.org/article.pl?sid=15/12/27/1647256
8. "Toshiba Shares Plunge Ahead of Nuclear Investment Writedown" - https://soylentnews.org/article.pl?sid=16/12/29/1336248
9. "Toshiba Considers NAND Business Split; Samsung Delays Release of 4 TB SSDs" - https://soylentnews.org/article.pl?sid=17/01/22/0549243
10. "Toshiba Nuked Half its Assets" - https://soylentnews.org/article.pl?sid=17/02/13/1835254
11. "Original Submission #1" - https://soylentnews.org/submit.pl?op=viewsub&subid=19348
12. "Original Submission #2" - https://soylentnews.org/submit.pl?op=viewsub&subid=19359

printed from SoylentNews, Huge Nuclear Cost Overruns Push Toshiba's Westinghouse Into Bankruptcy on 2023-06-18 10:36:28