A Westinghouse Electric Company official representing its interests in India said Friday that the struggling company would come out of bankruptcy in early 2018 and that its financial issues would not prevent the nuclear power builder from pursuing a six-reactor project in India.
Major concerns remain in putting together the deal that will culminate in six AP-1000 reactors of American-design, slated for Kovvada in Andhra Pradesh, but LiveMint quoted Krish Rajan, vice president of India Business and Project Development as saying that the company still planned to pursue the deal.
Westinghouse has said that its main focus after emerging from bankruptcy would be component construction and decommissioning, while it backed away from building new reactors. Its March 2017 bankruptcy filing has already lead to the derailment of two AP-1000 reactors in South Carolina and lead to serious second thoughts about project continuation at Plant Vogtle in Georgia, where two other AP-1000 reactors are being built.
The potential for six Westinghouse reactors to be built in India was on the table prior to the bankruptcy filing. On Friday, Rajan said, “we expect to be out of bankruptcy Chapter 11 process sometime in early next year. We will be out of that, so it will not have any impact (on the nuclear project in India).”
In its bankruptcy case this week, Judge Michael Wiles approved of an extended use of an $800 million loan the company was granted in July. The new use involves financial aid to Westinghouse concerns abroad in an effort to keep them solvent until the restructuring plan is in place.
Anonymous comments will be moderated. Join for free and post now!