CRANBERRY TOWNSHIP, Pa.--(BUSINESS WIRE)--Westinghouse Electric Company today obtained approval from the U.S. Bankruptcy Court for the Southern District of New York (the Court) of the company’s plan of reorganization (the Plan).
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. (NYSE:BBU) (TSX:BBU.UN). 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 reorganization 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 reorganization. We are on track to fulfill our promise to emerge from this strategic restructuring process as a stronger business partner while retaining our primary focus on safety.”
Weil, Gotshal & Manges LLP is Westinghouse’s legal counsel, AlixPartners LLP is acting as Westinghouse’s Chief Transformation Officer and restructuring advisor, and PJT Partners is the investment banker to Westinghouse.