'Westinghouse seeking bankruptcy financing'
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Nuclear power plant developer Westinghouse Electric has reportedly sought financing to help it get through bankruptcy.

Westinghouse owner Japanese electronics firm Toshiba Corp. is analysing $500 million-plus offers from banks and investment firms about a debtor-in-possession loan, Reuters reports citing two anonymous insiders.

The loan would allow Westinghouse to continue to pay employees and complete four previously commissioned power plants in Georgia and South Carolina, as it tries to emerge from bankruptcy.

However, no decision has been made on whether Westinghouse will file for bankruptcy, the sources said.

Earlier this month Toshiba president Satoshi Tsunakawa said the company was "actively considering" a sale and other strategic options for the Westinghouse business.

Toshiba's US nuclear power business has not turned a profit since 2013 on the back of the fallout related to the Fukushima nuclear disaster and a series of cost blowouts related to the construction of reactors in the US.

In December the Japanese firm warned investors to expect a large one-off loss linked to a 2015 Westinghouse deal to buy the Stone & Webster nuclear construction business.

Last month, Toshiba revealed a $6.3 billion writedown related to the acquisition.

Toshiba later delayed announcing its results to the Tokyo Stock Exchange due to a disagreement with its auditors over the size of the writedown.

The company has been given permission to delay reporting earnings for a second time, with Toshiba's new deadline set for April 11.

The turmoil has hammered Toshiba's share price, which has lost more than half of its value since December.

Toshiba purchased a 77 percent stake in Westinghouse for $5.4 billion in 2006 and a year later sold a 10 percent stake to Kazakhstan's nation uranium company for $540 million.

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