Toshiba nuclear company files for bankruptcy

On Thursday, the federal government charged seven Iranians for cyberattacking more than 40 US banks and trying to open the flood gates of a New... His tenure at Westinghouse lasted 20 years during which time he rose through successive management positions with responsibility for fast reactors, advanced terrestrial and space reactors, nuclear defense programs, and USA government programs to promote safety upgrades of Russian-built reactors in Central and Eastern Europe.

To cover the losses, the company had chose to hike the memory chip prices.

It could also embroil the USA and Japanese governments, given the scale of the collapse and the $8.3 billion in US government loan guarantees that were provided to help finance the reactors.

"It is clear that Fluor and Westinghouse are taking steps to protect their financial interests but it does not appear that anyone in authority is looking out for the electricity customers in SC and Georgia", said Leslie Minerd, founder and honorary president of SCAMA.

"Since December 2016, Westinghouse and Toshiba have been working to determine the scale of the possible loss, investigate the causes and to implement preventive measures and actions", Toshiba said in a statement.

Westinghouse has nuclear plant projects in different stages of development in China, the United Kingdom and India.

"The restructuring application by Westinghouse will not have a substantial impact on third generation reactor work such as the construction of the AP1000, the subsequent construction of a batch of CAP1000 reactors or the CAP1400 demonstration project", the company said, referring to its homegrown third-generation reactor designs.

Toshiba first warned of a massive hit from its US nuclear unit back in December. The Fukushima nuclear accident in Japan also slowed worldwide nuclear development, causing delays at Westinghouse's projects in Georgia and SC and ballooning safety costs at existing nuclear plants. The Fukushima nuclear accident in Japan also slowed worldwide nuclear development and enhanced safety measures caused delays at Westinghouse's projects in Georgia and SC.

However, the US embassy said that the USA government remains committed to civil nuclear cooperation with India.

One said that about 10 potential bidders had shown interest, including Western Digital Corp WDC.O which operates a Japanese chip plant with Toshiba, rival Micron Technology Inc, South Korean chipmaker SK Hynix Inc and financial investors like Bain Capital.

Toshiba (TOSYY) on Thursday won approval from angry shareholders to separate its flash memory business in preparation for a sale that the company hopes will offset massive liabilities from the bankruptcy of its Westinghouse nuclear energy unit.

Toshiba is aiming to generate about ¥2 trillion by selling the chip division, which earns about half of its operating profit.

One of them grilled Toshiba's management team over its decision to purchase Westinghouse.

The company bet big on the nuclear industry in 2006, acquiring Westinghouse for $5.4 billion.

A bankruptcy filing would allow 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. It's unclear how the construction on both projects will proceed, but the chairman of the Georgia Public Service Commission told the Times that if Westinghouse asks to re-certify the project, the commission would have to weigh that request against natural gas or renewable energy.

"The Office of Regulatory Staff (ORS) is concerned about the status of those two nuclear units and what it will mean for those two units", said Dukes Scott, the ORS Executive Director.

After the March 2011 nuclear disaster in Fukushima, costs of the business have ballooned because of growing safety concerns and regulations, and a souring of sentiment toward nuclear power in some countries, such as Germany.

  • Zachary Reyes