The bankrupt US company Westinghouse submitted its five-year industrial plan to the company’s debtor-in-possession (DIP) financing lenders and the Unsecured Creditors Committee on July 31. This finalized plan integrates new transformation initiatives resulting in savings of US$205m. In the meanwhile, Westinghouse asked a New York bankruptcy judge to allow the company an extra three months to file a reorganization plan and the decision is expected for September 2017. According to the US law, companies in bankruptcy have a 120-day exclusivity period to come up with a reorganization business plan and another 60 days to try to gain approval of it without worrying about creditors. In this situation, Westinghouse is seeking to extend both deadlines respectively until 6 December 2017 and 4 February 2018.
In March 2017, the Japanese Group Toshiba Corp. Board (Westinghouse's shareholder since the 2006 purchase) announced it has approved a bankruptcy protection file submission for its nuclear reactor manufacturer and constructor Westinghouse within the frame of the Chapter 11 of the U.S. bankruptcy code. Since filing for Chapter 11, Westinghouse already obtained approval of an US$800m DIP financing package.
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