Georgia Power Co. lawyers filed an objection in court this week protesting the use of Westinghouse Electric Company's intellectual property as collateral for an $800 million bankruptcy loan mean to shore up Westinghouse's profitable companies while it seeks Chapter 11 protection from creditors.
Georgia Power could announce a decision on the future of the Plant Vogtle construction project today – Friday – with the decision hinging partially on the loan that could mean valuable intellectual property would fall into the hands of Westinghouse lenders, according to a MarketWatch report.
Court papers filed by Georgia Power lawyers said the lenders could “foreclose on the intellectual property” that is vital to completion of the two-reactor expansion project that is providing thousands of construction jobs and will create thousands more jobs with plant operations and outage services once the twin AP1000 reactors are up and running.
Along with the two AP1000 reactor project at the V.C. Summer plant in South Carolina, the two reactors in Georgia are the first AP1000 designs under construction in the United States. Four other AP1000 reactors are under construction in China.
Westinghouse filed for bankruptcy protection on March 29. Since then, under a deal struck with Westinghouse prior to the filing, Georgia Power and other Plant Vogtle owners have been spending $5.4 million each week to continue operations at the construction site. By Friday, Georgia Power, a subsidiary of Southern Company, is expected to announced their decision on continued construction of the plant.
Anonymous comments will be moderated. Join for free and post now!