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At 4km you wont give a fuck about anything though, thats a problem for dwarves and mole-people.
Nuclear giant Westinghouse going bankrupt, parent company Toshiba may not survive fallout
- Thread starter Arkain2K
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At 4km you wont give a fuck about anything though, thats a problem for dwarves and mole-people.
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As far a political thing, Georgia, Southern Company and Georgia Power have a ton of money invested in the Voguel plant in Georgia that's in danger of not getting finished because of this Westinghouse/ Toshiba debacle. In parts of Georgia the building of the plant was controversial mainly because taxpayers are paying for some of it, but might never use the power generated there.
Southern Company is also exposed here. Their nuclear division is the one overseeing the construction and supposed start up of the two units down there. Southern company within the past year invested heavily into Kinder Morgan gas pipelines as well as a clean coal plant in Mississippi, which has delayed it opening. The cost of this clean coal plant went from 1.8 billion, now standing at 7.2 billion.
I think the US govt would have a lot to say if Westinghouse was being floated for sale to China. Westinghouse does a lot of business in China but by no means does that mean it would be sold to them.
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Are you saying their 093B is a fabricated claim?
Got a source to back that up?
http://nationalinterest.org/blog/th...uld-fear-chinas-new-093b-nuclear-attack-16741
Not sure why people are trying to paint China in 2017 as some antediluvian state in terms of nuclear capabilities -- they are obviously making strides in next gen technology of both traditional reactors/ small scale and their Tokamak testing has been leading the charge thus far
Hell, they are closer than the US on rolling out 3rd gen+ reactors -- i bet if anything, they buy WH just to get the exclusive rights to the AP1000's (like they did with the CAP1400: another example of how China is bettering the states) -- since they are closer to having them operational -- fuck, they even supply the US the components for their projects on it.
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And underground water tables.
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Underground water tables exist much closer to the surface than 4km, but in the end its meaningless you wont drill those in the middle of an aquifer. you pick an igneous rock body and bury it there, by the time it becomes a problem humans wont exist anymore.
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Job losses bra, not just the company but their suppliers and their suppliers and their creditors and their lenders and so on.
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Westinghouse locks out union at New Hampshire plant
May 22, 2017 9:58 AM
May 22, 2017 9:58 AM
Westinghouse Electric Co. has locked more than 170 members of the boilermakers union in its Newington factory in New Hampshire, setting the stage for tough negotiations in the coming months with unions in Cranberry, Warrendale, Churchill and Blairsville.
The Cranberry-based nuclear firm, which filed for bankruptcy in late March, said it offered “a fair contract given the business conditions,” according to spokesperson Sarah Cassella, “and we are disappointed the Boilermakers were not willing to accept the offer.”
Duane Egan, chief steward for local 651 at Newington, sees it differently. He said the company leaned on the bankruptcy during negotiations, saying that a bankruptcy judge wouldn’t allow Westinghouse to meet the union’s demands.
“We feel that they’re being opportunistic with this bankruptcy,” he said.
Even though the union is willing to forgo wage increases, Mr. Egan said, the contract put forward “strips us of most of our benefits, and we’re not agreeable to that.”
Other union members reported that Westinghouse is trying to bring union employees in line with its non-unionized workers, who have seen their pensions frozen, their severance pay slashed, and their healthcare costs increase in recent months.
Similar issues are likely to surface this summer when Westinghouse goes to the negotiating table with 155 members of the International Brotherhood of Electrical Workers at its Blairsville plant, which makes components for nuclear fuel.
Around the same time, the company will also be putting forward a new contract for 386 members of the Association of Salaried Westinghouse Employees, many of whom are administrative employees in southwestern Pennsylvania.
Westinghouse has 713 union employees across its operations, according to the company’s bankruptcy documents, a sliver of the total workforce which numbers around 11,500 worldwide.
“I’m sure we’re kind of a litmus test for all of this,” Mr. Egan said.
The union and the company can’t even agree on how many union members were locked out, with Westinghouse putting the number at 172 and Mr. Egan saying he represents 174.
While comparatively small, the union workforce at Newington in New Hampshire is doing big things — it manufactures the reactor vessel barrel and the parts that go into it for new AP1000 nuclear power plants.
http://powersource.post-gazette.com...clear-electric-Cranberry/stories/201705220105
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Westinghouse reaches deal for $800 million U.S. bankruptcy loan
By Tom Hals | May 23, 2017
The Vogtle Unit 3 and 4 site, being constructed by primary contactor Westinghouse, a business unit of Toshiba, near Waynesboro, Georgia, U.S. is seen in an aerial photo taken February 2017.
By Tom Hals | May 23, 2017
The Vogtle Unit 3 and 4 site, being constructed by primary contactor Westinghouse, a business unit of Toshiba, near Waynesboro, Georgia, U.S. is seen in an aerial photo taken February 2017.
Westinghouse Electric Co told a U.S. court on Tuesday the nuclear power company had reached a deal to borrow $800 million after allaying creditors' concerns that the money would be flowing to non-bankrupt affiliates overseas.
Westinghouse, a unit of Japan's Toshiba Corp (6502.T), filed for bankruptcy in March following billions of dollars in cost overruns at two nuclear power plants it designed and is constructing in Georgia and South Carolina.
An attorney for Westinghouse said in U.S. bankruptcy court in New York that cash from the loan would allow the company to complete its business plan by July 27 and move toward exiting bankruptcy.
The Pittsburgh-based company has also said it needs cash to shore up its profitable overseas businesses, which provide nuclear fuel and services and also decommission power plants. The company has said those affiliates add value to its bankrupt business.
Since Westinghouse filed for bankruptcy, its European affiliate lost access to a cash pool shared with the U.S. business, according to court records. That has threatened customer contracts, prompted one unidentified regulator to demand a $130 million letter of credit and led to financial institutions to move to end swap agreements, according to a court filing.
Westinghouse received court approval to borrow an initial $350 million from affiliates of Apollo Global Management (APO.N) in March.
U.S. Bankruptcy Judge Michael Wiles in Manhattan indicated on Tuesday he would allow Westinghouse to borrow the remaining $450 million that Apollo agreed to provide, but said he wanted to review the agreement that resolved creditors' concerns.
Westinghouse's lawyer said the company will share information with the official creditors' committee about its finances and give them an opportunity to object to the way Westinghouse is using the loan funds.
Westinghouse is expected to break its contracts for designing and constructing the Georgia and South Carolina nuclear plants, which have been beset by years of missteps.
A coalition of utilities led by Southern Co (S.N) owns the Plant Vogtle project in Georgia and the V.C. Summer project in South Carolina is majority-owned by SCANA Corp (SCG.N).
Toshiba's lawyer said at Tuesday's hearing the Japanese conglomerate is close to reaching an agreement with SCANA to cap Toshiba's liability, which should help ease Toshiba's financial stress while it tries to sell its coveted chip business.
Toshiba has reached a similar agreement for the Georgia project.
https://www.reuters.com/article/us-toshiba-accounting-westinghouse-idUSKBN18J2M2
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Westinghouse: Project canceled 'without warning'
Anya Litvak, Pittsburgh Post-Gazette | August 9, 2017
Anya Litvak, Pittsburgh Post-Gazette | August 9, 2017
A week after efforts to build two Westinghouse power plants came to a screeching halt in South Carolina, the Cranberry-based nuclear firm chronicled the shock of the moment and began dealing with the aftershocks.
About 6,000 people worked at the V.C. Summer site where two utilities, SCG&E and Santee Cooper, had commissioned Westinghouse Electric Co. to build two AP1000 power plants nine years ago.
Westinghouse had hundreds of its own employees at the site last week when the South Carolina utilities decided to stop the construction project that already was years behind schedule and billions of dollars over budget. The decision stemmed in large part from Westinghouse’s March 29 bankruptcy, the utilities said.
But their move came “without warning,” Westinghouse said in a document filed with the bankruptcy court Monday.
The project owners did not give Westinghouse any notice before dismissing its subcontractors and vendors on the job, telling them to “halt all shipments and suspend or demobilize all work in progress,” the nuclear company said.
The utilities also restricted Westinghouse’s access to the project, the company said, “escorting its employees off the site using armed personnel, and subsequently only allowing entry to a handful of Westinghouse’s representatives and subcontractors, preventing Westinghouse from generally accessing the site” and carrying out its responsibilities.
The same was true for other workers like Kenneth Blind, a nuclear construction technician with Fluor Corp., the Texas-based firm that Westinghouse brought in in late 2015 to get the troubled construction work back on track.
Mr. Blind echoed Westinghouse’s account of what it was like on the day the project was canceled.
He found it strange that the Friday before the dismissals craft workers suddenly were told to hand in their work packages — binders with work instructions necessary to do their jobs, he said.
But the day before, Scana Corp., which owns part of the VC Summer project, had announced that Westinghouse’s parent company Toshiba Corp. had agreed to a $2.2 billion guarantee for the power plants. Mr. Blind took that as a good sign.
So did Westinghouse, which wrote in its bankruptcy filing on Monday that negotiating Toshiba’s commitment sent the message of wanting the projects to continue.
On the morning of July 31, things at V.C. Summer continued as usual. Mr. Blind’s team was starting to pour concrete for one of the buildings near the reactor. Around 11 a.m., a security guard approached him and asked if he would be sent home, too.
Too? Mr. Blind asked.
He went to find his boss, who then called his boss — a scene that was playing out across the huge site where thousands of workers were grasping at rumors. Word of armed guards had started to spread.
At an “all-hands meeting” at 2 p.m., they were told it was their last day on the job and thanked for their contribution to the project, Mr. Blind said.
People were angry, he recalled, and some were crying.
They began hustling to collect their stuff. “If you couldn't fit it through the turnstiles, you just had to leave it,” he said.
Now begins the work of “demobilizing” and “stabilizing” the site, Westinghouse said, vowing in a court document to seek payment from the South Carolina utilities for its part of the winding down process.
On Monday, Westinghouse also asked the court to allow it to break thousands of contracts associated with the V.C. Summer project. The contracts cover everything from engineering services and security protection to scaffolding and urine testing.
Had the project owners negotiated with Westinghouse to take over control of the power plant construction, as Southern Co. did with the Vogtle project in Georgia, these contracts would have likely changed hands from Westinghouse to the South Carolina utilities.
Now, they will join the long march of unsecured creditors in Westinghouse’s mammoth bankruptcy.
http://www.post-gazette.com/powerso...canceled-without-warning/stories/201708090049
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This isnt like a blockbuster video closing.
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Westinghouse reaches deal for $800 million U.S. bankruptcy loan
By Tom Hals | May 23, 2017
The Vogtle Unit 3 and 4 site, being constructed by primary contactor Westinghouse, a business unit of Toshiba, near Waynesboro, Georgia, U.S. is seen in an aerial photo taken February 2017.
Westinghouse Electric Co told a U.S. court on Tuesday the nuclear power company had reached a deal to borrow $800 million after allaying creditors' concerns that the money would be flowing to non-bankrupt affiliates overseas.
Westinghouse, a unit of Japan's Toshiba Corp (6502.T), filed for bankruptcy in March following billions of dollars in cost overruns at two nuclear power plants it designed and is constructing in Georgia and South Carolina.
An attorney for Westinghouse said in U.S. bankruptcy court in New York that cash from the loan would allow the company to complete its business plan by July 27 and move toward exiting bankruptcy.
The Pittsburgh-based company has also said it needs cash to shore up its profitable overseas businesses, which provide nuclear fuel and services and also decommission power plants. The company has said those affiliates add value to its bankrupt business.
Since Westinghouse filed for bankruptcy, its European affiliate lost access to a cash pool shared with the U.S. business, according to court records. That has threatened customer contracts, prompted one unidentified regulator to demand a $130 million letter of credit and led to financial institutions to move to end swap agreements, according to a court filing.
Westinghouse received court approval to borrow an initial $350 million from affiliates of Apollo Global Management (APO.N) in March.
U.S. Bankruptcy Judge Michael Wiles in Manhattan indicated on Tuesday he would allow Westinghouse to borrow the remaining $450 million that Apollo agreed to provide, but said he wanted to review the agreement that resolved creditors' concerns.
Westinghouse's lawyer said the company will share information with the official creditors' committee about its finances and give them an opportunity to object to the way Westinghouse is using the loan funds.
Westinghouse is expected to break its contracts for designing and constructing the Georgia and South Carolina nuclear plants, which have been beset by years of missteps.
A coalition of utilities led by Southern Co (S.N) owns the Plant Vogtle project in Georgia and the V.C. Summer project in South Carolina is majority-owned by SCANA Corp (SCG.N).
Toshiba's lawyer said at Tuesday's hearing the Japanese conglomerate is close to reaching an agreement with SCANA to cap Toshiba's liability, which should help ease Toshiba's financial stress while it tries to sell its coveted chip business.
Toshiba has reached a similar agreement for the Georgia project.
https://www.reuters.com/article/us-toshiba-accounting-westinghouse-idUSKBN18J2M2
I wonder who's going to pick up the chip business. SK Hynix and Western Digital have put offers on the table.
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WD should have the leg up, since they already have a stake in the game.
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Toshiba Board to Meet Wednesday to Evaluate Bids for Chip Unit
Toshiba has been trying to sell the unit to cover losses from its bankrupt U.S. business Westinghouse.
By Giovanni Bruno | Jul 25,2017
Toshiba has been trying to sell the unit to cover losses from its bankrupt U.S. business Westinghouse.
By Giovanni Bruno | Jul 25,2017
Toshiba's ( TOSYY) board will meet on Wednesday to evaluate offers from Western Digital ( WDC) , Foxconn ( FXCOF) , and a Japanese consortium for its chip unit, Reuters reports.
The Japanese conglomerate has been trying to sell the unit to cover losses from its bankrupt U.S. business Westinghouse. The company has struggled to close a 2 trillion yen ($18 billion) deal with the consortium, backed by the Japanese government, Bain Capital and South Korean chipmaker SK Hynix.
The deal hit a snag when Western Digital, which jointly runs Toshiba's main chip plant, said it also wanted to buy the business. It sought an injunction to prevent the sale to the consortium, arguing that any deal needed its approval.
Western Digital is also offering around 2 trillion yen and would ally with U.S. private equity firm KKR & Co ( KKR) as well as the two Japanese government funds that are part of the favored bidder group, the report said. Toshiba also started fielding offers from Apple ( AAPL) supplier Foxconn earlier this month.
https://www.thestreet.com/story/142...wednesday-to-evaluate-bids-for-chip-unit.html
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Westinghouse Electric furloughs hundreds in S.C.
By Katherine Peralta | August 22, 2017
By Katherine Peralta | August 22, 2017
As two South Carolina utilities cease construction of a pair of nuclear plants this month, over 100 manufacturing workers are being furloughed from their jobs at contractor Westinghouse Electric in Rock Hill.
The furloughs at the Westinghouse Electric office on Mt. Gallant Road are the result of South Carolina Electric and Gas and its partner Santee Cooper’s decision to abandon construction of a nuclear plant in Jenkinsville, S.C., near Columbia, according to a Worker Adjustment and Retraining Notification (WARN) filed to the state.
After Westinghouse filed for Chapter 11 bankruptcy protection in March, the utilities building the South Carolina plant had originally hoped to still complete the $14 billion project in Jenkinsville. But they reversed course this month, scrapping the project in mid-construction. The plant was about $3 billion over budget and years behind schedule, Columbia’s State newspaper reported.
According to the WARN notice, 113 local workers are affected, most of whom work in field services. Another 561 Westinghouse workers will lose work temporarily at the V.C. Summer power plant in Jenkinsville, which is about an hour and 45 minutes southwest of Charlotte.
“This furlough is not a layoff – it is a company-initiated unpaid short-term leave of absence; not a loss of employment,” a Westinghouse spokeswoman said. “This was done so that employees could retain their benefits and employment status during the temporary furlough period.”
She added that the affected employees will be “separated from the company” if they receive no other assignment from the company before Aug. 31.
The Japanese company Toshiba Corp. bought Pennsylvania-based Westinghouse in 2006 as part of an effort to prioritize nuclear power, which is cleaner than generating electricity with coal or natural gas. But building nuclear reactors is prohibitively expensive, and Westinghouse has saddled Toshiba with mounting losses.
It is unclear whether the decision to stop construction of the South Carolina facilities affects Westinghouse operations in Charlotte.
A Westinghouse spokeswoman could not be reached for comment.
http://www.thestate.com/news/local/article168573272.html
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