Westinghouse Chap 11 a key stage in meltdown of nuclear industry
Crisis-hit Toshiba gives the greenlight to Chapter 11 bankruptcy filing for its struggling US nuclear-power unit
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Tokyo
THE board of Japan's electrical giant Toshiba Corporation on Wednesday approved the filing of bankruptcy proceedings for its struggling US nuclear-power subsidiary Westinghouse, marking what some claim is a key stage in the "meltdown" of the global nuclear-power industry.
Construction delays and huge financial losses by Westinghouse on US nuclear reactors have thrown parent company Toshiba into crisis, forcing the internationally known Japanese company to seek domestic or foreign buyers for all or part of its stake in Westinghouse.
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