The bankruptcy filing by Toshiba Corp.'s U.S. nuclear unit highlights the tough business climate in the sector and the scale of the challenge Japan faces in seeking to sell its nuclear technology abroad.
Westinghouse Electric Co. filed for Chapter 11 bankruptcy protection on Wednesday as its Japanese parent rushed to plug huge losses related to the nuclear business and pull out of the sector overseas.
Toshiba bought the U.S. nuclear energy company in 2006 for about ¥600 billion ($5.4 billion), aiming to expand its nuclear power business abroad as one of its core operations.