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Court approves $350M loan for Westinghouse

U.S. Bankruptcy Judge Michael Wiles approved for Westinghouse Electric Co. LLC a loan of an initial $350 million to support its profitable global operations while it pursues restructuring efforts, Reuters reported March 30.

The Toshiba Corp. unit recently secured an $800 million term loan debtor-in-possession facility from Apollo Global Management LLC, with Citigroup Inc. serving as the sole lead arranger and book runner. That facility is inclusive of a $225 million cash collateralized letter-of-credit facility issued by an affiliate of Citi.

Westinghouse and certain of its subsidiaries and affiliates on March 29 filed voluntary Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court after recording losses from construction cost overruns and schedule slippage of two nuclear expansion projects at V.C. Summer in Jenkinsville, S.C., and at the Alvin W. Vogtle plant near Waynesboro, Ga.