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Nuclear firm Westinghouse owes them $111 billion, claim creditors

Creditors claim Westinghouse owes them $111 billion. Westinghouse says it’s closer to $9 billion.  http://www.post-gazette.com/powersource/companies/2018/01/30/Creditors-claim-Westinghouse-owes-them-111-billion-Westinghouse-says-it-s-closer-to-9-billion/stories/201801300149   ANYA LITVAK    alitvak@post-gazette.com  Westinghouse Electric Co. has released the details of how its $4.6 billion sale to Brookfield Business Partners will trickle down to the thousands of companies and individuals that say they are owed money by the nuclear firm.

In line with what the company previous disclosed in bankruptcy court earlier this month, it seems that the largest chunk of the money will go to a group of hedge funds led by Boston-based Baupost Group.

According to a document filed on Monday, the Cranberry-based firm disclosed that nearly 2,400 claims totaling $111 billion have been filed against the company.

But it believes less than $9 billion will be allowed by the court. Of that, vendors, suppliers, employees and contractors who filed $6 billion in claims will likely get between $775 million and $1.16 billion, the company estimated.

The plan, which has the approval of Westinghouse, Toshiba, the unsecured creditors committee, and the Pension Benefit Guaranty Corp., must now be voted on by the unsecured creditors by March 15.

Anya Litvak: alitvak@post-gazette.com or 412-263-1455.

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February 3, 2018 - Posted by | business and costs, USA

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