Skadden is advising Japan's Toshiba Corp. on its decision to put its Pittsburgh-based Westinghouse unit—advised by Weil, Gotshal & Manges—into bankruptcy in New York. The Chapter 11 filing comes a month after Toshiba took a $6.3 billion write-down on cost overruns for Westinghouse, a major player in the U.S. nuclear power industry.
March 29, 2017 at 04:20 PM
1 minute read
Japanese conglomerate Toshiba Corp. announced Tuesday a strategic restructuring of its Pittsburgh-based Westinghouse Electric Co. LLC unit, which filed for bankruptcy in New York.
The move comes a month after Toshiba took a $6.3 billion write-down on cost overruns related to Westinghouse, a major player in the U.S. nuclear power industry. The soaring losses quickly took a toll at Toshiba, whose CEO Shigenori Shiga announced his resignation in mid-February.
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