A judge has approved Brookfield Business Partners LP's $4.6 billion acquisition of Westinghouse Electric Co., setting up the company’s exit from bankruptcy under new ownership, the Wall Street Journal reported. Bankruptcy Judge Michael Wiles said yesterday that he will sign off on Westinghouse’s chapter 11 plan of reorganization which includes the Brookfield transaction and a settlement with creditors over how proceeds from the sale will be divvied up. The deal still must be approved by U.S. regulators. Westinghouse has said it expects the deal with Brookfield to close in the third quarter, subject to receiving regulatory approval and satisfying other closing conditions. Court approval of the deal caps a turbulent year for Westinghouse and gives the business a chance at a fresh start with a new owner. The deal will be financed by roughly $1 billion in equity and $3 billion in long-term debt and the assumption of other obligations, according to Brookfield.
