Posted on 04/15/2017 9:21:13 PM PDT by Rabin
Engie has announced the sale of its 40 per cent stake in the Moorside new build nuclear project to development partner Toshiba for around ¥15.3 billion (£110 million). The French firm invoked a contractual right to offload its share in the event of a default, after Toshiba’s subsidiary Westinghouse, which was due to supply three of its AP1000 reactors for the project, filed for bankruptcy protection in the US last week. //Snipp// Toshiba reported an operating loss of $4.97 billion and a “goodwill impairment" loss of $6.4 billion due to Westinghouse, which snowballed after the 2015 acquisition of CB&I Stone & Webster. The auditors, PricewaterhouseCoopers Aarata LLC, declined to endorse the results.
(Excerpt) Read more at utilityweek.co.uk ...
Sad indeed, Raben
I thought Toshiba was going out of business.
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