Toshiba’s nuclear unit Westinghouse files for bankruptcy protection

Westinghouse Electric, a leading player in the proposed Moorside nuclear plant in Cumbria, moves to protect itself from creditors.

The Japanese firm confirmed the development as it faces a growing bill from a business beset by project delays, cost over-runs and allegations of accounting fraud.

The struggles at WE were largely borne out of the world shying away from nuclear energy in the aftermath of the Fukushima nuclear disaster in 2011, caused by the Pacific earthquake and tsunami.

Toshiba put WE liabilities at almost $10bn (£8bn) as of December – saying that it expected its net loss for the current financial year to the end of March could top 1tn yen (£7.2bn).

“Since December 2016, WE and Toshiba have been working to determine the scale of the possible loss, investigate the causes and to implement preventive measures and actions,” the company said.

Source: Toshiba’s nuclear unit Westinghouse files for bankruptcy protection