Dive Brief:
Toshibas partners are preparing for the electronics giant for a possible bankruptcy filing in Japan, The Wall Street Journal reports, a move that would add to the uncertainty surrounding two nuclear power plants under construction in the U.S.
Toshiba holds guarantees for its bankrupt nuclear power unit Westinghouse Electric that could be key to the completion of Georgia Powers Vogtle nuclear project in Georgia and SCANAs V.C. Summer nuclear project in South Carolina. The company denied the bankruptcy reports, which cited anonymous sources.
Thomas Fanning, CEO of Southern Co., the corporate parent of Georgia Power, has been particularly vocal about being paid a $3.7 billion guarantee by Toshiba, saying in March that its bankrupt Westinghouse subsidiary had a "moral commitment" to complete its nuclear projects.
Even with the guarantee, however, Fanning told shareholders last month that Georgia Power and its partners might not be able to complete construction of the Vogtle project.
Vogtles two reactors were originally due online in 2016 and 2017 and were budgeted at $14 billion. The most recent estimates call for the reactors to be completed by 2019 and 2020 at a total cost of $21 billion. The construction delays and cost overruns ran Westinghouse into bankruptcy in March.
Now those deadlines may need to be extended again. Local TV station WSAV reports that David McKinney, vice president of nuclear development at Georgia Power, told the Georgia PSC that the 2019 and 2020 deadlines no longer seem feasible.
McKinney said Georgia Power is considering three different scenarios, one in which work on both reactors would be completed, one in which only one reactor would be finished and a third option in which the project would be abandoned.
On May 1, Southern reached an agreement with Westinghouse to continue construction on Vogtle until May 12 while the companies continue negotiations. The agreement could be extended again today if no decision is reached, but it remains unclear whether rumors of a Toshiba bankruptcy filing have affected the talks.
Late last month, Toshiba announced plans to spin off its four main business units as a way to safeguard them from the fallout of Westinghouses bankruptcy. The Journal reports that Japanese restructuring laws could allow Toshiba to keep its profitable electronics business if it files for bankruptcy as a whole, but the company denied anonymous reports that it is considering that option.
SCANAalso extended its construction agreement with Westinghouse on May 1, but it has until June 26 to reach a deal with the developer.
See the rest here:
Toshiba said to be preparing for bankruptcy as Southern faces Vogtle deadline - Utility Dive
- A Slow Bankruptcy Process Stops Locale-Reviving Jobs - Wall Street Journal (subscription) [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Alitalia Files for Bankruptcy, but Italy Balks at a Third Bailout - New York Times [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Bankruptcy auction for property of NASCAR artist Sam Bass ... - Charlotte Observer [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Pennsylvania Toy Seller Files For Bankruptcy - Wall Street Journal (subscription) [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Obamacare helped make a 50% dent in personal bankruptcies ... - MarketWatch [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Puerto Rico Enters Bankruptcy - Wall Street Journal (subscription) [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Puerto Rico Declares a Form of Bankruptcy - New York Times [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Bankruptcy Basics | United States Courts [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- The Truth About Bankruptcy | DaveRamsey.com [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Filing for Bankruptcy: What to Know | Consumer Information [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Bankruptcy - Wikipedia [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Bankruptcy | United States Courts [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Central Grocers files for bankruptcy, will sell Joliet warehouse - Chicago Tribune [Last Updated On: May 4th, 2017] [Originally Added On: May 4th, 2017]
- How Obamacare Helped Slash Personal Bankruptcy by 50% - Money Magazine [Last Updated On: May 4th, 2017] [Originally Added On: May 4th, 2017]
- Morning Agenda: Puerto Rico Declares a Form of Bankruptcy - New York Times [Last Updated On: May 4th, 2017] [Originally Added On: May 4th, 2017]
- Why you can't ignore Puerto Rico's bankruptcy - USA TODAY [Last Updated On: May 4th, 2017] [Originally Added On: May 4th, 2017]
- Goodman Networks Bankruptcy Plan Confirmed - Bankrupt Company News (press release) (blog) [Last Updated On: May 6th, 2017] [Originally Added On: May 6th, 2017]
- RBI Gets More Power Over Indian Bank NPAs - Bankruptcy An Essential Part Of Market System - Forbes [Last Updated On: May 6th, 2017] [Originally Added On: May 6th, 2017]
- Caesars: Poised For A Takeoff Or A Rocky Post-Bankruptcy Landing This Summer? - Seeking Alpha [Last Updated On: May 8th, 2017] [Originally Added On: May 8th, 2017]
- Puerto Rico's bankruptcy is the next step in its slow dance of default - The Hill (blog) [Last Updated On: May 8th, 2017] [Originally Added On: May 8th, 2017]
- This is the No. 1 reason Americans file for bankruptcy - USA TODAY [Last Updated On: May 8th, 2017] [Originally Added On: May 8th, 2017]
- Hartford Moves Closer to Bankruptcy, Soliciting Proposals From Law Firms - Hartford Courant [Last Updated On: May 9th, 2017] [Originally Added On: May 9th, 2017]
- Former 'Dance Moms' star Abby Lee Miller sentenced to prison for bankruptcy fraud - Los Angeles Times [Last Updated On: May 9th, 2017] [Originally Added On: May 9th, 2017]
- Largest US Solar Panel Maker Files For Bankruptcy After Receiving $206 Million In Subsidies - The Daily Caller [Last Updated On: May 11th, 2017] [Originally Added On: May 11th, 2017]
- NephroGenex Bankruptcy Plan Confirmed - Bankrupt Company News (press release) (blog) [Last Updated On: May 11th, 2017] [Originally Added On: May 11th, 2017]
- Food co-op's bankruptcy signals trouble for independent grocers - Chicago Tribune [Last Updated On: May 11th, 2017] [Originally Added On: May 11th, 2017]
- Puerto Rico's first bankruptcy hearing set for May 17 - Reuters [Last Updated On: May 11th, 2017] [Originally Added On: May 11th, 2017]
- Puerto Rico's Bankruptcy Fight Is About to Plunge Into the Unknown - Bloomberg [Last Updated On: May 11th, 2017] [Originally Added On: May 11th, 2017]
- Bankruptcy - Debt.org [Last Updated On: May 11th, 2017] [Originally Added On: May 11th, 2017]
- Bankruptcy - All You Need to Know | Bankruptcy HQ [Last Updated On: May 11th, 2017] [Originally Added On: May 11th, 2017]
- Archdiocese bankruptcy reorganization plan rejected by sex-abuse survivors - TwinCities.com-Pioneer Press [Last Updated On: May 13th, 2017] [Originally Added On: May 13th, 2017]
- High debts, competitive investments sent Marsh to bankruptcy - Supermarket News [Last Updated On: May 14th, 2017] [Originally Added On: May 14th, 2017]
- Burlington dentist takes bankruptcy to U.S. Supreme Court - Burlington Times News [Last Updated On: May 14th, 2017] [Originally Added On: May 14th, 2017]
- Mountain Creek files for Chapter 11 bankruptcy; plan would allow debt restructuring - New Jersey Herald [Last Updated On: May 17th, 2017] [Originally Added On: May 17th, 2017]
- Supreme Court Backs Bids to Collect Outdated Debt in Bankruptcy - Bloomberg [Last Updated On: May 17th, 2017] [Originally Added On: May 17th, 2017]
- New Jersey Ski Resort Files for Bankruptcy - Wall Street Journal (subscription) [Last Updated On: May 17th, 2017] [Originally Added On: May 17th, 2017]
- Westinghouse inches closer to rejecting construction contracts in bankruptcy - Pittsburgh Post-Gazette [Last Updated On: May 17th, 2017] [Originally Added On: May 17th, 2017]
- Teen Retailer Rue21 Files for Chapter 11 Bankruptcy - Wall Street Journal (subscription) [Last Updated On: May 17th, 2017] [Originally Added On: May 17th, 2017]
- Puerto Rico's bankruptcy hearing marks reset of asset scramble - Reuters [Last Updated On: May 17th, 2017] [Originally Added On: May 17th, 2017]
- N.C. questions Duke Energy's plans following Westinghouse bankruptcy - Charlotte Observer [Last Updated On: May 18th, 2017] [Originally Added On: May 18th, 2017]
- Frontier Communications: Bankruptcy Looms In 2020 - Seeking Alpha [Last Updated On: May 18th, 2017] [Originally Added On: May 18th, 2017]
- Bankruptcy Should Be A Last Resort For Struggling Hartford, Conn ... - Seeking Alpha [Last Updated On: May 18th, 2017] [Originally Added On: May 18th, 2017]
- GulfMark Offshore to file for bankruptcy - WorkBoat (blog) [Last Updated On: May 18th, 2017] [Originally Added On: May 18th, 2017]
- South Bay man sentenced to 56 months for bankruptcy fraud - The Mercury News [Last Updated On: May 18th, 2017] [Originally Added On: May 18th, 2017]
- The biggest lesson of Puerto Rico's bankruptcy - CNN [Last Updated On: May 18th, 2017] [Originally Added On: May 18th, 2017]
- Judge laments $15M in legal fees in St. Paul-Minneapolis archdiocese bankruptcy - Minneapolis Star Tribune [Last Updated On: May 20th, 2017] [Originally Added On: May 20th, 2017]
- Caesars Plans New Las Vegas Developments After Bankruptcy Exit - National Real Estate Investor [Last Updated On: May 20th, 2017] [Originally Added On: May 20th, 2017]
- Can Student Loans Be Discharged In Bankruptcy? - Forbes [Last Updated On: May 20th, 2017] [Originally Added On: May 20th, 2017]
- Q&A: How an energy company dodged bankruptcy in oil bust - Houston Chronicle [Last Updated On: May 20th, 2017] [Originally Added On: May 20th, 2017]
- Puerto Rico retirees will get bankruptcy committee: US Trustee - Reuters [Last Updated On: May 20th, 2017] [Originally Added On: May 20th, 2017]
- Caesars Plans New Las Vegas Developments After Bankruptcy Exit - Bloomberg [Last Updated On: May 22nd, 2017] [Originally Added On: May 22nd, 2017]
- Retail bankruptcies are exploding; here are the sectors where it's happening - USA TODAY [Last Updated On: May 22nd, 2017] [Originally Added On: May 22nd, 2017]
- ScanSource Sales Suffer Due to Avaya Chapter 11 Bankruptcy - CommsTrader [Last Updated On: May 22nd, 2017] [Originally Added On: May 22nd, 2017]
- Latest: Coal giant emerges from bankruptcy - High Country News [Last Updated On: May 23rd, 2017] [Originally Added On: May 23rd, 2017]
- Seadrill: Bankruptcy Looming - Seeking Alpha [Last Updated On: May 23rd, 2017] [Originally Added On: May 23rd, 2017]
- How brokers are making bank from retail bankruptcies - The Real Deal Magazine [Last Updated On: May 23rd, 2017] [Originally Added On: May 23rd, 2017]
- Puerto Rico's bankruptcy will only prolong its economic meltdown - Fox News [Last Updated On: May 23rd, 2017] [Originally Added On: May 23rd, 2017]
- More Puerto Rico agencies enter bankruptcy - MarketWatch [Last Updated On: May 23rd, 2017] [Originally Added On: May 23rd, 2017]
- Westinghouse reaches deal for $800 million U.S. bankruptcy loan ... - Reuters [Last Updated On: May 23rd, 2017] [Originally Added On: May 23rd, 2017]
- Avaya Bankruptcy: Hearing on Reorganization Plan Delayed - No Jitter [Last Updated On: May 26th, 2017] [Originally Added On: May 26th, 2017]
- Cancer treatment firm 21st Century Oncology files for bankruptcy - Reuters [Last Updated On: May 26th, 2017] [Originally Added On: May 26th, 2017]
- 21st Century Oncology Files for Chapter 11 Bankruptcy - WSJ - Wall Street Journal (subscription) [Last Updated On: May 28th, 2017] [Originally Added On: May 28th, 2017]
- DOJ Bankruptcy Fee Overhaul Would Hike Chapter 11 Costs - TheStreet.com [Last Updated On: May 28th, 2017] [Originally Added On: May 28th, 2017]
- Bankruptcy Attorneys | Chapter 7 & 13 Bankruptcy | Debt ... [Last Updated On: May 28th, 2017] [Originally Added On: May 28th, 2017]
- How this Harvard undergrad wound up in Brooklyn making a bankruptcy startup - Technical.ly Brooklyn [Last Updated On: May 30th, 2017] [Originally Added On: May 30th, 2017]
- Why two attorneys are appealing San Bernardino's bankruptcy ... - San Bernardino County Sun [Last Updated On: May 30th, 2017] [Originally Added On: May 30th, 2017]
- 21st Century Oncology files for bankruptcy - Sarasota Herald-Tribune [Last Updated On: May 30th, 2017] [Originally Added On: May 30th, 2017]
- Novation Companies Bankruptcy Objections Filed - Bankrupt Company News (press release) (blog) [Last Updated On: May 30th, 2017] [Originally Added On: May 30th, 2017]
- City turns to insurers to help stave off bankruptcy - Insurance Business America [Last Updated On: May 30th, 2017] [Originally Added On: May 30th, 2017]
- Struggling Pittsburgh Athletic Association files for bankruptcy - Pittsburgh Post-Gazette [Last Updated On: May 30th, 2017] [Originally Added On: May 30th, 2017]
- Rickmers Group to file for bankruptcy - JOC.com [Last Updated On: June 1st, 2017] [Originally Added On: June 1st, 2017]
- Delaware Sports Complex in Middletown files for bankruptcy - The News Journal [Last Updated On: June 1st, 2017] [Originally Added On: June 1st, 2017]
- Payless Shoes Wants to Close 800 Stores This Year - Money Magazine [Last Updated On: June 1st, 2017] [Originally Added On: June 1st, 2017]
- Mavericks Surf Contest Organizers Call Off Bankruptcy Auction - Wall Street Journal (subscription) [Last Updated On: June 1st, 2017] [Originally Added On: June 1st, 2017]
- Supervalu CEO sees opportunity in Marsh bankruptcy - Supermarket News [Last Updated On: June 1st, 2017] [Originally Added On: June 1st, 2017]
- Catholic Crosiers Order Files for Bankruptcy - Wall Street Journal (subscription) [Last Updated On: June 1st, 2017] [Originally Added On: June 1st, 2017]
- Canada's Stelco Seeks US Bankruptcy Court Protection - Wall Street Journal (subscription) [Last Updated On: June 3rd, 2017] [Originally Added On: June 3rd, 2017]
- Surf contest pulled from auction: Cartel postpones Mavericks sale, remains in bankruptcy - San Mateo Daily Journal [Last Updated On: June 3rd, 2017] [Originally Added On: June 3rd, 2017]
- EXCLUSIVE: Township Nine owners file for bankruptcy - Sacramento Business Journal [Last Updated On: June 3rd, 2017] [Originally Added On: June 3rd, 2017]
- Sacramento development files for bankruptcy - KCRA Sacramento [Last Updated On: June 3rd, 2017] [Originally Added On: June 3rd, 2017]