Toshiba Corp. is selling billions of dollars of its own claims against its bankrupt Westinghouse Electric Co. nuclear subsidiary in a process expected to attract some of the largest hedge funds and money managers in the world, WSJ Pro Bankruptcy reported. Westinghouse’s deal to sell itself to Canadian investment firm Brookfield Business Partners LP for $4.6 billion will leave the company’s creditors fighting over the proceeds when the sale is completed. Westinghouse’s biggest creditors include Boston hedge fund Baupost Group LLC, which purchased billions of dollars of claims against Toshiba in the bankruptcy case from South Carolina utility SCANA Corp. Toshiba, however, has its own claims against Westinghouse, and the Japanese parent company has also acquired claims from one of the utilities to which it owed money.
