A Chapter 11 bankruptcy filing by Westinghouse in the United States could help limit Toshiba`s losses, two people said, cautioning that the retainment of the debt restructuring lawyers from Weil is just an exploratory step, and that no decision about a bankruptcy filing had yet been taken.
Westinghouse Electric, the U.S. nuclear power plant developer owned by troubled Japanese electronics giant Toshiba, has brought in bankruptcy attorneys from law firm Weil Gotshal & Manges, people familiar with the matter said on Wednesday.
The move comes after a $6.3 billion writedown at Westinghouse last month wiped out Toshiba`s shareholder equity and caused it to seek divestments to create a buffer for any fresh financial problems.
A Westinghouse spokeswoman declined to comment on Weil`s role, but said that Westinghouse has hired Lisa Donahue of advisory firm AlixPartners as its chief transition and development officer, to lead "an operational restructuring and financial rebuilding.
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