Westinghouse Electric Co. told a U.S. court yesterday that the nuclear power company had reached a deal to borrow $800 million after allaying creditors' concerns that the money would be flowing to non-bankrupt affiliates overseas, Reuters reported. Westinghouse, a unit of Japan's Toshiba Corp., filed for bankruptcy in March following billions of dollars in cost overruns at two nuclear power plants it designed and is constructing in Georgia and South Carolina. An attorney for Westinghouse said in bankruptcy court that cash from the loan would allow the company to complete its business plan by July 27 and move toward exiting bankruptcy. The Pittsburgh-based company has also said that it needs cash to shore up its profitable overseas businesses, which provide nuclear fuel and services and also decommission power plants. The company has said that those affiliates add value to its bankrupt business.
