Westinghouse Electric Co. won court approval yesterday to send millions of dollars in emergency funding to subsidiaries in Europe, the Middle East and Africa, the Wall Street Journal reported today. Following a hearing at the U.S. Bankruptcy Court in New York, which is overseeing Westinghouse’s multibillion-dollar chapter 11 case, Judge Michael Wiles approved changes to the terms of an existing $800 million loan meant to help Westinghouse stabilize its global business and hang on to customers. Westinghouse says that parts of its global nuclear business that aren’t in chapter 11 are at risk of running out of cash and need money to prop up their balance sheets or to take advantage of potentially lucrative opportunities. The bankruptcy court ruling frees up as much as $38 million for a handful of affiliates most in need of fresh cash. A general bucket of money the company is allowed to use to support affiliates that aren’t part of the bankruptcy case will be increased to $25 million from $10 million. The tweaks to the lending pact weren’t opposed by junior creditors.
