Kiev, Ukraine. An American nuclear power company that is currently in a US Bankruptcy court is recieving over $800 million dollars in US guaranteed loans to help build a reactor in Ukraine that somehow never gets finished as cost “overruns” keep piling up as the company lingers in limbo.
The questions are endless for temporary CEO of American power giant Westinghouse José Emeterio Gutiérrez as costs continue to rise while Ukrainian projects linger uncompleted.
In late March 2017, Westinghouse filed a bankruptcy claim and announced its intention to conduct strategic restructuring of its business. Guierrez claims, “We’re working on a restructuring plan, but it’s not complete yet. In general, we are working on first trying to not go broke, we plan to complete development of the restructuring plan by the end of June. In addition, by the end of July we plan to develop a new business plan for the company, which will include implementation of the restructuring plan.”
Westinghouse stated that the company had received external financing in the amount of $800 million to protect the company’s core business for the period of its reorganization. Gutierrez was asked if the funding will be sufficient, or will there be need for additional external financing in the future from American taxpayers?
“We are 100% sure that this will be sufficient to support the company throughout the bankruptcy proceedings. An important detail is that all the other company divisions are in good shape, continue to generate income and cash flow. That’s why we are convinced that the finances and the profit generated by the other companies plus the $800M will be enough while we stay in Bankruptcy protection.” Gutierrez smiles.
The United States taxpayers continue to guarantee a number of nuclear power projects for Westinghouse all across the Ukraine, despite the corporate giant being in a state of bankruptcy inside the United States, while claiming it’s overseas division is financially robust, solvent and healthy.
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