Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Westinghouse Creditors Approve Restructuring Plan

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Westinghouse Creditors Approve Restructuring Plan

Article excerpt

Those owed money by bankrupt nuclear firm Westinghouse Electric Co. overwhelmingly voted to approve the Cranberry company's plan to distribute the proceeds of a $4.6 billion sale to a Canadian asset manager.

More than 1,000 ballots were cast representing $40.6 billion in claims. Only those representing $6.6 million - or less than half a percent - rejected the plan, which involves all of Westinghouse's assets being acquired by Brookfield Business Partners.

A bankruptcy judge still must approve the plan during a hearing scheduled for March 27.

As they said they would do, the largest claim holders - banks and hedge funds - all voted in favor of the plan, as did former Westinghouse CEO Danny Roderick, who staked his $4.2 million claim for the proposal. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.