Japan's Toshiba Corp. has informed its main lenders it is planning for its U.S. nuclear unit Westinghouse Electric Co LLC to file for bankruptcy on March 31, Reuters reported today. Toshiba expects a chapter 11 filing for Westinghouse would expand charges related to the U.S. unit in the current financial year to around 1 trillion yen ($9 billion) from publicly flagged estimates of 712.5 billion yen. Toshiba is seeking to limit future losses at Westinghouse with a chapter 11 filing. Westinghouse has been plagued by huge cost overruns at two U.S. nuclear projects.
