October 12, 2017 / 9:39 PM / 10 months ago

Westinghouse wants to tap bankruptcy loan to bolster affiliates

Bankrupt Westinghouse Electric Co LLC is seeking court approval to loan up to $28 million to two affiliates: one in Europe facing insolvency and a joint-venture bidding on a U.S. government contract potentially worth billions of dollars.

The U.S. nuclear technology unit of Japan’s Toshiba Corp said in court papers filed on Wednesday that it urgently needs court approval to immediately bolster the businesses with funds from its $800 million bankruptcy loan.

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