Toshiba board approves Westinghouse bankruptcy filing
U.S. nuclear power company Westinghouse Electric Co. plans to file for Chapter 11 bankruptcy protection, after the board of its parent company, Japan's Toshiba Corp. , approved the move Wednesday, according to a report by Nikkei news service. Cost overruns at Westinghouse's nuclear projects in Georgia and South Carolina have weighed heavily on Toshiba, which warned in February it may face up to a $6.2 billion writedown from its nuclear energy business. Toshiba bought Westinghouse in 2006 for $5.4 billion. The Japanese conglomerate also intends to spin off its memory-chip unit at the end of March to raise much-needed capital.
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