Westinghouse requests exclusivity extension to execute on exit paths

By Caroline Salls

Pittsburgh, Nov. 29 – Westinghouse Electric Co. LLC requested a second 90-day extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed with the U.S. Bankruptcy Court for the Southern District of New York.

The company asked the court to extend its exclusive plan-filing period to March 13 from Dec. 6 and the solicitation period to May 12 from Feb. 4.

Westinghouse said it has completed its business plan and delivered it to its debtor-in-possession lenders.

Since delivery of the business plan, the company said it has worked to achieve the cost savings and revenue targets required by the plan and focused on resolving the future of its U.S. AP1000 projects.

“The first extension of the statutory exclusivity periods was sought by the debtors because of, among other things, the size and complexity of these Chapter 11 cases and the need for time to evaluate potential exit paths from Chapter 11 and the thousands of claims filed against the debtors,” the motion said.

Westinghouse said it plans to use the proposed second extension to begin to execute on some of those potential exit paths.

A hearing is scheduled for Dec. 13.

Westinghouse, a Cranberry Township, Pa.-based nuclear products and services company and a subsidiary of Toshiba, filed bankruptcy on March 29, 2017. The Chapter 11 case number is 17-10751.

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