Toshiba’s nuclear unit Westinghouse files for US bankruptcy

‘Following multibillion-dollar losses, Toshiba’s American nuclear unit Westinghouse filed for US bankruptcy protection on Wednesday. The troubled firm has thrown its Japanese parent company into crisis, putting the conglomerate’s future at risk.
The bankruptcy filing is expected to help limit future losses for Toshiba. The Japanese multinational has warned of a $6.3 billion (712.5 billion yen) writedown because some of its US nuclear assets were worth far less than estimated.
Westinghouse was purchased by Toshiba in 2006 for $5.4 billion has suffered massive cost overruns in two US projects.
The firm said its operations in Asia, Europe, the Middle East and Africa would not be impacted by the filing.’
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