March 30, 2017
Weil is representing Pennsylvania-based nuclear power company Westinghouse Electric Co. LLC, subsidiary of Japanese parent Toshiba Corp., in its recent chapter 11 case, which was filed in the U.S. Bankruptcy Court for the Southern District of New York yesterday. The filing comes as a result of losses suffered from nuclear reactor construction projects in Georgia and South Carolina.
Westinghouse has arranged $800 million in debtor-in-possession financing from third-party lenders so that it can continue to serve customers while restructuring its business.
Westinghouse, who helped drive the development of nuclear energy and the electric grid itself, supplied the world’s first pressurized water reactor in 1957 and has been one of the most prominent companies in the atomic industry.
The Weil team representing Westinghouse is led by Business Finance & Restructuring Department Co-Chair Gary Holtzer and includes partners Robert Lemons and Garrett Fail; Banking & Finance head Douglas Urquhart; Complex Commercial Litigation co-head Edward Soto and partner Lori Pines; Corporate partner Ellen Odoner; Mergers & Acquisitions co-head Howard Chatzinoff; Securities Litigation co-head Joseph Allerhand and partner Richard Slack; Structured Finance & Derivatives partner Ariel Kronman; Tax, Executive Compensation & Benefits Department Co-Chair Paul Wessel; Tax partner Stuart Goldring; Executive Compensation & Benefits partner Amy Rubin; Business Finance & Restructuring associates David Griffiths, Charles Persons, Andriana Georgallas, David J. Cohen, Amy Oden, Elizabeth Kagedan, Stephanie Morrison and John Conte; Banking & Finance associates Emily Button-Aguilar, Erin Cartledge, Sean McClay and Sasha Shulzhenko; Complex Commercial Litigation associates Jeremy Cain, Jay Minga, Kimberly Pathman and Sarah Ryu; Mergers & Acquisitions associates Mariel Cruz and Jakob Deitch; Structured Finance & Derivatives associate David Jackson; Tax associates Mor Agam and Christopher Marotta; and Executive Compensation & Benefits associates Amanda Rosenblum and August Huelle.