The U.S. Bankruptcy Court has approved Westinghouse Electric Co.’s plan for reorganization.
In a statement, Westinghouse said the court’s approval marks a significant milestone in the company’s strategic restructuring, which involves its previously announced sale to Brookfield Business Partners.
“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 fulfil our promise to emerge from this strategic restructuring process as a stronger business partner while retaining our primary focus on safety.”
The sale is expected to close in the third quarter of 2018.
Westinghouse is headquartered in Cranberry Township, Butler County and employs about 2,200 people.
