On March 29, Westinghouse Electric Company, LLC, a U.S. company, and certain of its subsidiaries and affiliates, filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code. The Company is seeking to undertake a strategic restructuring as a result of certain financial and construction challenges in its U.S. AP1000®
power plant projects. Westinghouse has obtained $800 million in debtor-in-possession (DIP) financing from third-party lenders to help fund and protect its core businesses during its reorganization. Under Chapter 11 protection, Westinghouse will operate in the ordinary course of business and has the exclusive right to develop a plan of reorganization.
The DIP financing will fund Westinghouse’s core businesses of supporting operating plants, nuclear fuel and components manufacturing and engineering as well as decommissioning, decontamination, remediation and waste management as the company works to reorganize around these strong business units. Existing letters of credit have been cash collateralized in full and will remain in place. The financing will also allow for new letters of credit to be issued.
The Company’s operations in its Asia and Europe, the Middle East and Africa (EMEA) Regions are not impacted by the Chapter 11 filings. Customers in those regions will continue to receive the high-quality products and services they have come to expect in the usual course as the regions will also be supported by the DIP financing.
Westinghouse's core businesses throughout the world remain strong and will continue to operate normally during our reorganization.
Additional information can be accessed using the links below.
For all media inquiries, please contact:
External Communications Manager
Phone: +1 412-374-4744
Click the link below to access the press release announcing the Chapter 11 filings.
Westinghouse Announces Strategic Restructuring
For claims information and legal filings, please reference the address provided below.
Westinghouse Claims Processing Center
2335 Alaska Avenue
El Segundo, CA 90245
Toll Free: (877) 634-7177
Outside U.S. & Canada: (424) 236-7223