PITTSBURGH _ Westinghouse Electric Co. has filed for bankruptcy, securing $800 million in financing as it goes through the reorganization process.
The nuclear firm, headquartered outside Pittsburgh, announced its Chapter 11 filing Wednesday morning, after the board of directors of Toshiba, Westinghouse's parent company, approved the move a few hours earlier.
Westinghouse's financial troubles stem from two nuclear construction projects, in Georgia and South Carolina, which have suffered from delays and cost overruns.
In a statement, Westinghouse said it has "reached an agreement with each owner of the U.S. AP1000 projects to continue these projects during an initial assessment period."
