Toshiba says not aware Westinghouse considering Chapter 11 filing

Reuters  |  TOKYO 

TOKYO (Reuters) - Japanese conglomerate Corp said on Friday it was not aware that its U.S. nuclear unit Westinghouse was considering filing for Chapter 11 bankruptcy protection.

The Nikkei business daily reported earlier that a Chapter 11 filing was one of the options that was considering.

A Chapter 11 filing could help draw a line under a decade-long U.S. nuclear venture that has pushed the Japanese group to the brink, forcing it to offer a majority stake in its chips business to cover a $6.3 billion nuclear writedown.

Bankruptcy protection, however, could be a complex proposition for Toshiba, which has guaranteed as much as 793.5 billion yen ($7 billion) to cover almost 90 percent of potential liabilities due to Westinghouse's AP1000 reactors customer in the United States.

The spokesman said he was unsure how any bankruptcy filing by the U.S. business would affect that commitment.

($1 = 112.8400 yen)

(Reporting by Makiko Yamazaki; Editing by Clara Ferreira Marques)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Toshiba says not aware Westinghouse considering Chapter 11 filing

TOKYO (Reuters) - Japanese conglomerate Toshiba Corp said on Friday it was not aware that its U.S. nuclear unit Westinghouse was considering filing for Chapter 11 bankruptcy protection.

TOKYO (Reuters) - Japanese conglomerate Corp said on Friday it was not aware that its U.S. nuclear unit Westinghouse was considering filing for Chapter 11 bankruptcy protection.

The Nikkei business daily reported earlier that a Chapter 11 filing was one of the options that was considering.

A Chapter 11 filing could help draw a line under a decade-long U.S. nuclear venture that has pushed the Japanese group to the brink, forcing it to offer a majority stake in its chips business to cover a $6.3 billion nuclear writedown.

Bankruptcy protection, however, could be a complex proposition for Toshiba, which has guaranteed as much as 793.5 billion yen ($7 billion) to cover almost 90 percent of potential liabilities due to Westinghouse's AP1000 reactors customer in the United States.

The spokesman said he was unsure how any bankruptcy filing by the U.S. business would affect that commitment.

($1 = 112.8400 yen)

(Reporting by Makiko Yamazaki; Editing by Clara Ferreira Marques)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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