Westinghouse Enters Reorganization
Westinghouse Electric announced very early this morning that it had filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy code, according to an official press release. This event quickly follows the wide reporting yesterday evening that Toshiba's board of directors had voted to approve the declaration of bankruptcy by Westinghouse, which is Toshiba's subsidiary. News releases from the various concerned parties are out this morning in response, and we have our first glimpse of how this process might affect the Westinghouse AP1000 plants under construction at V. C. Summer (owned by SCANA, SCE&G and Santee Cooper) and at Plant Vogtle (whose majority owner is Georgia Power, a subsidiary of Southern Company).