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Westinghouse energy company starts bankruptcy procedure

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Westinghouse energy company starts bankruptcy procedure

Westinghouse, an American company, which specializes, among other things, in nuclear energy, has launched it bankruptcy proceedings, Lenta.ru reports with the reference to Reuters.

The authorization for the initialization of the process, which is governed by article 11 of the U.S. Bankruptcy Code, gave the parent company — Japan's Toshiba.

As it was noted, bankruptcy petition will allow Westinghouse to revise or break its construction contracts. At that, utility and energy companies that own the projects implemented with the participation of Westinghouse are likely to claim damages.

It will also jeopardize the completion of the construction of Westinghouse nuclear power plant in the southern United States.

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