Posted on 03/29/2017 4:52:05 AM PDT by RS_Rider
TOKYO - U.S. nuclear developer Westinghouse Electric Co plans to seek bankruptcy protection from creditors on Thursday as it struggles to limit losses that have thrown its Japanese parent Toshiba Corp into crisis, people familiar with Toshiba's thinking said.
Pittsburgh-based Westinghouse, crippled by cost overruns at two U.S. power plant projects in Georgia and South Carolina, will file for protection under Chapter 11 of the U.S. Bankruptcy Code, the people told Reuters on Thursday.
One of the sources has direct knowledge of the decision and one has been briefed on the matter.
Toshiba media representatives could not immediately be reached for comment after business hours. On Monday, the company said it was premature to comment on a potential bankruptcy. Westinghouse declined to comment.
A Westinghouse bankruptcy filing will help limit future losses for Toshiba.
The move will trigger complex negotiations between the Japanese conglomerate, its U.S. unit and creditors, and could embroil the U.S. and Japanese governments, given the scale of the collapse and U.S. government loan guarantees for new reactors.
A Westinghouse bankruptcy is a “concern” for the administration of U.S. President Donald Trump, which is in touch with the Japanese government on the matter, an administration official told Reuters on Tuesday.
“If several different things happen in a bad way, there's a potential national security issue here,” the official said.
(Excerpt) Read more at triblive.com ...
:: crippled by cost overruns at two U.S. power plant projects in Georgia and South Carolina ::
POTUS-DJT would tell them, “Don’t ‘low-ball’ a contract and try to add-in the real costs. SIMPLE!”
The overruns on those contracts are mostly the result of either Obama Administration direct action or “allowed” actions by other parties. Remember, Obama hated nuclear power only a little less than he hated coal.
George Westinghouse might be surprised to learn that a Japanese corporation is his company’s “parent.”
Anyone out there know if any of the Chinese units are up and running?
George Westinghouse might be surprised to learn that a Japanese corporation is his company’s “parent.”
...
He was kind of rich back in his day, wasn’t he?
Also a backer of Tesla, IIRC.
Memo undercuts Hillary story on controversial Russian uranium deal, Clinton foundation
Circa.com / FR Posted by ameribbean expat
Hillary-era State Department officials in fall 2009 - a year before the U.S. approved the uranium deal - had obtained an internal strategy document from Russia's main nuclear energy firm, Rosatom, that provided a warning about Moscow's intentions as it "flexes muscles" in uranium markets.
In one cable sent to Clinton, US officials in Brussels warned Russia was about to strongarm US ally Ukraine into a deal for "long-term supply of nuclear fuel" that could "shut" the U.S. company Westinghouse out of the market and extend Moscow's influence over Europe. (Read more at circa.com ...
========================================
This gambit by Bill Clinton (meddling in a foreign election) got the uranium scheme going. Bill's calculated handshake was a bonanza for the Kazahk president's re-election. Nazarbayev responded in kind and signed-off on the initial phase of the US uranium assets takeover.
Kazakh President Nursultan Nazarbayev greets former
president Clinton (L) in Almaty on September 6, 2005.
NOTE Kazakh is remembered as the last state to peel off from the USSR.
CIRCA 2015 A Pulitzer Prize-winning New York Times reporter claims that former President Bill Clinton falsely denied hosting a meeting with Kazakh officials when she tried to write a story that involved his foundation several years ago.
Jo Becker, who works on the newspaper's investigative desk, said Clinton only confirmed the meeting took place after she informed him there were photographs.
Clinton's role in a deal that involved Kazakhstan, the Russian government, and a man (Giustra) who donated millions to the president's charitable foundation were detailed in a story Becker published on Thursday.
That article revisited some of her earlier reporting and included information from the upcoming book "Clinton Cash," which is generating widespread headlines amid a flurry of reports suggesting it will raise serious questions about Clinton's family foundation.
The donor in question is Canadian mining executive Frank Giustra, a longtime friend of the former president who has given tens of millions to the Clinton Foundation in the past few years. (A couple of hours after the NYT story was published, Giustra issued a defiant statement. We've included that below.)
Becker initially wrote about the February 2007 meeting between Clinton, Giustra, and executives from the state-owned nuclear company Kazatomprom in 2008. The gathering took place at Clinton's home in Chappaqua, New York.
"When I first contacted both the Clinton foundation — Mr. Clinton's spokesman — and Mr. Giustra, they denied any such meeting ever took place," Becker recalled in footage aired by Fox News on Thursday. However, Becker said Clinton and Giustra both changed their stories after she confronted them with evidence to the contrary.
"And then when we told them, 'Well we already talked to the head of Kazatomprom, who not only told us all about the meeting, but actually has a picture of him and Bill at the home in Chappaqua, and that he proudly displayed on his office wall.' They then acknowledged that yes, the meeting had taken place," Becker continued in the television interview.
The purpose of the meeting, then Kazatomprom President Moukhtar Dzhakishev told The Times, was to discuss Kazakhstan potentially buying a 10% stake in Westinghouse, a US nuclear company. Becker's 2008 story also noted one of Giustra's companies secured a deal to buy uranium deposits from Kazatomprom in 2005.
That agreement was made after Clinton accompanied Giustra on a trip to Kazakhstan. During the trip, Giustra and Clinton met with Kazakhstan's President Nursultan Nazarbayev.
Clinton issued a public statement praising the Kazakh leader despite his questionable, antidemocratic record. The Times called the praise a "propaganda coup" for Nazarbayev. (he later "won relection" w/ an unbelievable 90% of the vote)
"Just months after the Kazakh pact was finalized, Mr. Clinton's charitable foundation received its own windfall: a $31.3 million donation from Mr. Giustra that had remained a secret until he acknowledged it last month. The gift, combined with Mr. Giustra’s more recent and public pledge to give the William J. Clinton Foundation an additional $100 million, secured Mr. Giustra a place in Mr. Clinton’s inner circle," wrote Becker and another reporter, Don Van Natta.
A spokesperson for the Clinton Giustra Enterprise Partnership told Business Insider they are "working on a formal statement" in response to a request for comment on Thursday. Clinton Giustra Enterprise Partnership is an initiative of the Clinton Foundation that was cofounded by Clinton and Giustra in 2007. A Clinton Foundation spokesperson did not respond to a request for comment.
http://www.businessinsider.com/nyt-reporter-clinton-lied-about-meeting-2015-48/25
Westinghouse made torpedoes in WWII and it is ironic that the the parent company of Westinghouse is Japanese.
Chelsea Clinton thinks he drove a Tesla.
Many companies do low ball on the bid in order to get said bid in the process. One of the worst I know of is Itron. They low ball a bid and then nickle and dime once the install starts to get the new AMR system to work with the old system. It always ends up being more than what the high bid was.
Is this a case where the export-import bank will come back to bite us?
Correct. With more regulations that would fill the drained Atlantic Basin, how could any nuclear project succeed in the US. The bankruptcy will have a ripple effect across all industry. Westinghouse and Toshiba are brands that are heavily used in the Petrochemical industry.
You can be sure if it’s Westinghouse.
“Remember, Obama hated nuclear power only a little less than he hated coal.”
Yep. The worthiness of a thing is pretty much in line with how much BO hates it...
I hope that the several companies working on mass-produced, modular nuclear power plants have a lot of success!
Do you know anyone who looks like this guy that ISN’T a Trump supporter?
I understand this image is SUPPOSED to be insulting and represent low information voters, but in my experience this type of guy is the backbone of America, and low information voters are more of the Reaganite “know so much that isn’t so” pseudo-intellectual, style conscious types.
“You can be sure if it’s Westinghouse”
How many of the cost overruns on new nuke plans are due to environmentalist lawsuits, delays and interference?
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