Westinghouse reaches US$800 million bankruptcy deal
Toshiba unit told a court of deal on Tuesday, following bankruptcy filing in March
An attorney from Toshiba’s Westinghouse Electric Co unit told a US court on Tuesday that the company had reached a deal to borrow US$800 million. The finalized deal comes after allaying creditors concerns that the funds would be used for Westinghouse affiliates overseas.
The attorney told the court that the loan would enable Westinghouse to complete a business plan by July 27 and then begin the process of exiting bankruptcy.