Westinghouse Electric may file for Chapter 11 bankruptcy

Troubled Westinghouse may file for Chapter 11 bankruptcy: Aso

TOKYO – Toshiba Corp.’s troubled U.S. nuclear unit Westinghouse Electric Co. may need to file for Chapter 11 bankruptcy by the end of March, Japan’s Finance Minister Taro Aso said Friday.

Aso, speaking to reporters after a Cabinet meeting, said Toshiba’s earnings results cannot be finalized before a decision on Westinghouse’s Chapter 11.

Scandal-hit Toshiba has delayed the announcement of its earnings for the April-December period until next week, saying the Japanese industrial conglomerate needs to examine alleged “inappropriate pressure” by some of Westinghouse’s management. (PNA/Kyodo)
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