Westinghouse Electric Company today obtained approval from the U.S. Bankruptcy Court for the Southern District of New York of the company’s plan of reorganization.
The Court’s approval of the Plan is a significant milestone in the company’s strategic restructuring, which involves its previously announced sale to Brookfield Business Partners L.P. The sale is expected to close in the third quarter of 2018, subject to customary closing conditions including, among others, regulatory approvals. The Plan was overwhelmingly supported by Westinghouse’s creditor constituencies. “Confirmation of our plan of reorganisation is one of the final steps in the completion of our strategic restructuring” said José Emeterio Gutiérrez, Westinghouse president and chief executive officer. “Our customers, employees, suppliers, vendors, and other important constituencies overwhelmingly supported our plan of reorganisation. We are on track to fulfil our promise to emerge from this strategic restructuring process as a stronger business partner while retaining our primary focus on safety.”