Westinghouse Electric Co. won tentative permission to take out an $800 million loan to carry it through bankruptcy, but the judge overseeing its chapter 11 case asked for more information about the use of some of the proceeds to support foreign, non-bankrupt units, Bloomberg News reported yesterday. The Pennsylvania-based company, a unit of Toshiba Corp., filed for bankruptcy on Tuesday and laid out plans to cast off money-losing businesses like reactor building and focus on decommissioning and services. Gary Holtzer, an attorney for the company, told Bankruptcy Judge Michael Wiles at a hearing on Wednesday in Manhattan that Westinghouse also wants to address “pension issues” and make other businesses more efficient. Westinghouse said that it needs the loan to keep its position as a safe and innovative provider of nuclear services and plans to use as much as $375 million of the financing for foreign, non-bankrupt affiliates.
