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PostPosted: Feb 23, 2017 4:12 am 
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The Nuclear Industry Must Change, Or Die


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PostPosted: Feb 23, 2017 10:15 pm 
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Where did Toshiba go wrong, and where does it go now?

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Poor management has lead to Toshiba's other major risk factor -- a balance sheet ravaged by massive losses. It looks increasingly likely that the company will become technically insolvent at the end of March and be demoted to the second section of the Tokyo Stock Exchange. Toshiba is scrambling to avoid this, revealing on Feb. 14 a drastically revised plan to spin off or sell its flagship memory chip business.

"We must be ready to sell off 100% of our memory operations. Without that commitment, the company's not going to make it," said Yasuo Naruke, a senior executive vice president, at the board meeting on Feb. 14. That Naruke is willing to part with a business so dear to him speaks volumes about Toshiba's crisis.


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PostPosted: Feb 24, 2017 12:19 am 
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Kirk Sorensen wrote:

It appears to be changing within reasonable cost in Russia and China/Asia. Toshiba and Areva seem to be going to the other extreme.
I hope the Terrestrial points to a lead to a change in the original nuclear lands.


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PostPosted: Feb 24, 2017 5:56 pm 
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Kirk Sorensen wrote:


Is Nuclear Too Innovative?

No. It's not innovative enough.


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PostPosted: Mar 01, 2017 1:53 pm 
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Toshiba asks law firm to advise on potential Westinghouse bankruptcy cost: sources

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Analysts and sources with knowledge of the matter have previously said that even under a Chapter 11 filing, Toshiba could still be on the hook for up to $7 billion in contingent liabilities as it has guaranteed Westinghouse's contractual commitments - an arrangement typical for the nuclear industry. Toshiba dispatched a group of experts, including lawyers, to Westinghouse in mid-February to assess the U.S. unit's assets, the two sources said. Preliminary estimates from that group show a Westinghouse bankruptcy filing would result in Toshiba having to take a fresh charge of at least 300 billion yen ($2.6 billion), the sources said. That figure is narrower in scope than the $7 billion Toshiba has in contingent liabilities, as it does not include damages that Westinghouse's customers may seek from Toshiba, including damages that the owners of the two projects could claim if they were not completed. A Chapter 11 filing would still yield benefits, however, as Westinghouse would come off Toshiba's consolidated accounts. That could offset some of the charge, the sources said.


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PostPosted: Mar 05, 2017 2:32 pm 
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Kepco seen as potential buyer for Toshiba’s ailing nuclear unit


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PostPosted: Mar 08, 2017 7:00 am 
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High cost nuclear technology from the US, Japan and West Europe is getting a financial beating. US designs go to China for prototypes and trials. IAEA and the NSG should mentor safe and economical development not getting bound by politics.
It may have been a good aim to avoid nuclear weapon proliferation but it has failed. Now nuclear power expansion should be supported. There are nearly thirty takers for nuclear power which could easily double and provide electricity or reactors to all interested. Treat Toshiba and Westinghouse as commercial failure which is inevitable in competition.


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PostPosted: Mar 09, 2017 11:02 am 
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Toshiba's Westinghouse calls in U.S. bankruptcy lawyers

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The move comes after a $6.3 billion writedown at Westinghouse last month wiped out Toshiba's shareholder equity and caused it to seek divestments to create a buffer for any fresh financial problems. A Chapter 11 bankruptcy filing by Westinghouse in the United States could help limit Toshiba's losses, two people said, cautioning that the retainment of the debt restructuring lawyers from Weil is just an exploratory step, and that no decision about a bankruptcy filing had yet been taken.


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PostPosted: Mar 09, 2017 7:01 pm 
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Toshiba looks to unload most of Westinghouse

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Toshiba plans to turn Westinghouse Electric into a nonconsolidated subsidiary, aiming to minimize exposure to the risky nuclear business, though the troubled conglomerate will likely have trouble finding takers for the shares. Toshiba shelled out $4.15 billion for 77% of Westinghouse in 2006 to accelerate expansion in overseas nuclear markets. But an expected 712.5 billion yen ($6.2 billion) write-down this fiscal year stemming mainly from the American unit has thrown Toshiba into crisis.


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PostPosted: Mar 14, 2017 8:38 am 
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Troubled Nuclear Builder Seen Best Fit for Asian Ambitions

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Westinghouse would be a strategic fit in China or South Korea, which are developing their own reactors for export, according to analysts and academics. The region is also home to about half the world’s nuclear units under construction, while China is forecast to have the largest fleet fleet of reactors by the middle of next decade.


Toshiba pushes sale of nuclear unit Westinghouse as crisis deepens

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A sale would represent the latest in a series of drastic steps as Toshiba grapples with a multibillion dollar financial maelstrom stemming from Westinghouse's ill-fated purchase of a U.S. nuclear power plant construction company in 2015. It has already put up most or even all of its prized memory chip business for sale to cope with an upcoming $6.3 billion writedown for the nuclear business and to create a buffer for potential losses down the road. Westinghouse has been plagued by huge cost overruns at two U.S. projects in Georgia and South Carolina and liabilities related to those projects mean it is unlikely to be an easy asset to sell, despite attractive technology. Tsunakawa emphasized that the projects were only a small part of Westinghouse's business. "Around 80 percent of Westinghouse's revenues come from stable businesses in services and fuel-related businesses so I think that will be taken into consideration too," he told a news conference.


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PostPosted: Mar 20, 2017 6:02 am 
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Toshiba turnaround hopes, planned sale of Westinghouse find skeptics


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PostPosted: Mar 20, 2017 5:27 pm 
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Toshiba's Westinghouse seeks U.S. bankruptcy financing - sources

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Toshiba is reviewing proposals from financial institutions and investment firms about a so-called debtor-in-possession loan, which would carry the company through a potential bankruptcy, said two people familiar with the situation. The size of this financing package is expected to exceed $500 million, the people added.

Should it file for bankruptcy, the money would allow Westinghouse to continue to pay employees and build four nuclear power plants in Georgia and South Carolina, commissioned by local utility companies. These would be the first nuclear power plants built in the United States in more than 30 years.

The sources cautioned that the move is preparatory and that no decision has yet been made for Westinghouse to file for bankruptcy. They asked not to be identified because the deliberations are confidential.


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PostPosted: Mar 21, 2017 10:54 am 
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Toshiba Nuclear Woes Has Moody's Warning of Scana Credit Risks

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Moody’s lowered Scana’s outlook to “negative” because of the “uncertain future” of Westinghouse, which is building the two nuclear units at Scana’s V.C. Summer plant in South Carolina.


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PostPosted: Mar 24, 2017 6:47 am 
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Toshiba plans Westinghouse Chapter 11 filing, expects $9 billion in charges - sources


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PostPosted: Mar 26, 2017 1:22 pm 
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Toshiba under pressure over the future of its US nuclear unit

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Toshiba’s biggest creditors are split over its future strategy as pressure mounts for a swift Chapter 11 bankruptcy protection filing by Westinghouse, the troubled Japanese conglomerate’s US nuclear subsidiary. People briefed on the situation said talks between Toshiba, its main lenders and other stakeholders are focused on whether it is possible or even desirable for Westinghouse to be placed under bankruptcy protection before the end of the Japanese group’s financial year on March 31. Toshiba is grappling with its worst ever crisis after warning last month that it planned to record a $6.3bn writedown on its US nuclear business, because of large cost overruns and delays relating to Westinghouse’s construction of two new nuclear power stations in Georgia and South Carolina.

Looming over the talks between Toshiba and its lenders, which continued over the weekend, is the continuing threat to the Japanese group’s status as a listed company. Since December, when Toshiba first admitted it might need to take a multibillion-dollar writedown on Westinghouse, the group has twice delayed releasing audited results for the third quarter of last year.  The cause of the delay, said bankers, centres on the true nature of the financial crisis at Westinghouse: an obstacle that at least two of Toshiba’s main lenders believe would be resolved by placing the US subsidiary under bankruptcy protection.

Although publicly Toshiba continues to enjoy the support of its biggest lenders — a group that includes SMBC, Mizuho and Mitsubishi UFJ — bankers have described the increasingly strained nature of talks and demands for the Japanese group to draw a clear line under its problems in the US. Lenders from Japan’s regional banking sector are even more critical of Toshiba’s handling of the crisis at its US nuclear business. While it could be neat to have Westinghouse’s problems ringfenced by a Chapter 11 filing before the end of the financial year, that deadline may be impossible to meet, especially if talks involve extensive input from the US government. 

But tensions are also running high, said Japanese bankers, on the question of whether a Chapter 11 filing is the right solution. “The regional banks are particularly allergic to anything with the word ‘bankruptcy’ in it,” added one banker, “and even if the megabanks think this is the right answer, they are still not all agreed on the right timing.” In a statement last week, Toshiba said: “Whether or not Westinghouse files for Chapter 11 is ultimately a decision for its board, and must take into account the various interests of all of its stakeholders, including Toshiba and its creditors. It is not appropriate for Toshiba to comment prematurely.”

Westinghouse currently has nine board members, three of whom are from Toshiba. The US company declined to comment when asked about the possibility of a Chapter 11 filing by the end of March. While a Chapter 11 filing would provide more transparency to lenders and auditors of the liability risk Toshiba faces, legal experts said it was unclear whether the contracts that Westinghouse signed with the owners of its two US projects — Southern Company and Scana — can be renegotiated. Typically, filing for bankruptcy protection does not allow the debtor the opportunity to renegotiate the contracts.

But considering the pressure Westinghouse and the owners of the projects in Georgia and South Carolina are under — from investors and the US government — to complete the nuclear reactors, some lawyers said a renegotiation may be inevitable. Toshiba is obliged to guarantee Westinghouse’s contingent liabilities, which primarily relate to the two US projects, and stood at ¥793.5bn ($7bn) at the end of March last year. The US government has also offered loan guarantees totalling $8.3bn to finance the nuclear project in Georgia. Toshiba said this month it wanted to sell its controlling stake in Westinghouse. It is also looking to sell its flagship technology business - the Nand memory chip unit - to strengthen the group’s balance sheet.




What A Westinghouse Bankruptcy Could Mean For U.S. Utilities


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