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Westinghouse Asks To Use DIP Funds For Nondebtors' Bills

Law360, New York (October 12, 2017, 9:36 PM EDT) -- Nuclear energy contracting giant Westinghouse Electric Co. LLC asked a New York bankruptcy court on Wednesday to authorize amendments to its $800 million postpetition financing arrangement so it can provide emergency funding for struggling nondebtor affiliates overseas.

Westinghouse, Toshiba Corp.’s bankrupt nuclear energy arm, says a handful of its subsidiaries around the globe need a quick cash infusion to “preserve or enhance their value” and avoid the same fate as their insolvent parent companies. The funds necessary to keep the subsidiaries afloat and in a position...
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