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takyon [soylentnews.org] writes:

Westinghouse Electric Company [wikipedia.org] has filed for bankruptcy [reuters.com]:

Toshiba Corp's troubled U.S. nuclear unit Westinghouse filed for Chapter 11 protection from creditors on Wednesday, as its Japanese parent seeks to limit losses that have plunged it into crisis.

A bankruptcy filing will allow Pittsburgh-based Westinghouse, whose nuclear plant projects have been dogged by delays and cost overruns, to renegotiate or break its construction contracts, although the utilities that own the projects would likely seek damages.

For Toshiba, the aim is to mitigate liabilities stemming from guarantees it provided backing the contractor's work. Toshiba said Westinghouse-related liabilities totaled $9.8 billion as of December.

Toshiba's Westinghouse problems have caused the company to sell off other assets:

Toshiba in Trouble [soylentnews.org]
Toshiba Shares Plunge Ahead of Nuclear Investment Writedown [soylentnews.org]
Toshiba Considers NAND Business Split; Samsung Delays Release of 4 TB SSDs [soylentnews.org]
Toshiba Nuked Half its Assets [soylentnews.org]

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