nuclear-news

Toshiba Ditches UK Nuclear Business, U.S. LNG Operations, Oil Price.com By Irina Slav – Nov 08, 2018 Toshiba has decided to liquidate a nuclear power subsidiary in charge of a power plant project in the UK as well as its U.S. LNG operations, the company said in a statement, citing its inability to continue operating the business and its failure to find buyers for it.Toshiba will also liquidate another nuclear subsidiary in the UK, Advance Energy UK Limited. The loss that the company will book from the wind-ups will come in at US$130 million (15 billion yen) and will be booked in its 2018/19 results………

Earlier this year, Toshiba sold its U.S. nuclear power business, Westinghouse, for US$4.6 billion to a group of investment companies led by Brookfield Asset Management. The deal puts an end to a major headache for the Japanese conglomerate, which last year warned that it might have trouble surviving if it didn’t find a buyer for the nuclear power plant constructor, which it acquired in 2006 for US$5 billion.

Plagued by project delays and cost overruns that came up to US$6 billion for two large-scale projects in the United States, Westinghouse filed for Chapter 11 bankruptcy protection last March. The business had by that time generated US$6.3 billion in writedowns for the parent company that resulted in Toshiba reporting a net loss of US$9.1 billion for 2016……..https://oilprice.com/Latest-Energy-News/World-News/Toshiba-Ditches-UK-Nuclear-Business-US-LNG-Operations.html