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Owners of unfinished Vogtle nuclear power plant to cap Toshiba’s liabilities

Power plant owners limit Toshiba’s Westinghouse liabilities: sources, Reuters, By Tom Hals and Jessica DiNapoli , 15 May 17  WILMINGTON, DEL/NEW YORK The owners of the unfinished Vogtle power plant in Georgia led by Southern Co (SO.N) agreed to cap Toshiba Corp’s (6502.T) responsibility for its guarantees on the much-delayed nuclear project, helping ease the Japanese electronics maker’s financial stress, people familiar with the matter said on Sunday.

The agreement pegs Toshiba’s guarantees for the unfinished Vogtle plant at about $3.6 billion, payable over at least three years, the people said, adding the deal was not yet final.

The deal is also contingent on the owners of the incomplete V.C. Summer power plant in South Carolina, including utility company SCANA Corp (SCG.N), coming to a similar agreement with Toshiba, said the people, who could not be identified because the talks are not public………http://uk.reuters.com/article/us-toshiba-accounting-southern-co-idUKKCN18A120

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May 17, 2017 - Posted by | business and costs, USA

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