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Westinghouse seeks exclusivity extension, will deliver business plan
By Caroline Salls
Pittsburgh, July 26 – Westinghouse Electric Co. LLC requested a 90-day extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Wednesday 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 through Dec. 6 and the solicitation period through Feb. 4, 2018.
Westinghouse said it has spent significant time since it filed for bankruptcy preparing a revised business plan, which will be delivered to its debtor-in-possession lenders and official committee of unsecured creditors by July 27.
“Westinghouse’s business plan is a necessary predicate for the debtors to discuss value-maximizing transactions, whether prior to or under a Chapter 11 plan, with their key constituencies and potential investors,” the motion said.
“These discussions will help the debtors create a path to emergence from Chapter 11 that maximizes value for creditors and ensures that Westinghouse technology and assets continue as a dominant force in the nuclear industry.”
In addition, the company said allowing a competing plan to be filed at this point in the restructuring proceedings would delay and disrupt its reorganization process, destabilize its global businesses, slow down momentum gained in the first months of these cases and cause an inefficient use of estate resources.
A hearing is scheduled for Sept. 7.
Westinghouse, a Cranberry Township, Pa.-based nuclear products and services company and a subsidiary of Toshiba, filed bankruptcy on March 29. The Chapter 11 case number is 17-10751.
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