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Westinghouse Files for Bankruptcy, Toshiba Selling Chip Unit
By ETCentric
Nuclear power leader Westinghouse Electric Company filed for Chapter 11 bankruptcy protection in New York yesterday. "The filing comes as the company's corporate parent, Toshiba of Japan, scrambles to stanch huge losses stemming from Westinghouse's troubled nuclear construction projects in the American South," reports The New York Times. Westinghouse has recently been impacted by a slowdown in electricity demand, lower natural gas prices, growth in alternative energy sources, and concerns regarding nuclear safety. Toshiba, which is expecting a net loss of $9.9 billion for the fiscal year, "is also divesting its profitable semiconductor business and plans to sell a stake to an outside investor to raise capital."
Topics: Alternative Energy, Bankruptcy, Chapter 11, China, Chips, Electric Power, Energy, Fukushima Daiichi, Georgia Power, Japan, Memory Chips, Natural Gas, New York, Nuclear Power, Power Plants, Safety, Scana Energy, Semiconductor, Solar Power, Southern Company, Toshiba, United States, Utilities, Westinghouse, Westinghouse Electric, Wind Power
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