Mark Menzies MP allays fears over Westinghouse

Springfields

Fylde MP Mark Menzies has calmed fears for the future of Westinghouse after the firm’s American business filed for bankruptcy.

The move is part of a restructuring of the US company as a result of certain financial and construction challenges in its US AP1000® power plant projects.

Business will continue as usual, and the move does not affect the European, Asian and Middle Eastern aspects of the business.

Mr Menzies, whose constituency of Fylde includes Westinghouse’s Springfields site, said: “I believe that Westinghouse’s operations in Europe are not impacted by the Chapter 11 bankruptcy filings, which is a US process and is not the same as filing for bankruptcy in the UK.

“Westinghouse has stated that customers in the Europe, Middle East and Africa (EMEA) regions will continue to receive the high-quality products and services they have come to expect from sites such as Springfields.

“I believe that Westinghouse also remains committed to its AP1000 technology, and associated projects, such as Moorside, in West Cumbria, where there are plans for three AP1000 reactors, which would be fuelled from Springfields.”

Westinghouse has obtained $800 million in debtor-in-possession (DIP) financing from a third-party lender to help fund and protect its core businesses during its US reorganization. The Chapter 11 filings took place in the U.S. Bankruptcy Court for the Southern District of New York in New York City.

“Today, we have taken action to put Westinghouse on a path to resolve our AP1000 financial challenges while protecting our core businesses,” said Interim President & CEO José Emeterio Gutiérrez. “We are focused on developing a plan of reorganization to emerge from Chapter 11 as a stronger company while continuing to be a global nuclear technology leader.”

The DIP financing will fund Westinghouse’s core businesses of supporting operating plants, nuclear fuel and components manufacturing and engineering as well as decommissioning, decontamination, remediation and waste management as the company works to reorganize around these strong business units. Existing letters of credit have been cash collateralized in full and will remain in place. The financing will also allow for new letters of credit to be issued.

Westinghouse remains committed to its AP1000 technology as the industry’s premier Gen III+ nuclear power plant design, and will continue its existing projects in China as well as pursuit of other potential projects in the future.
Westinghouse’s operations in its Asia and Europe, the Middle East and Africa (EMEA) Regions are not impacted by the Chapter 11 filings.

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