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Toshiba to pay $3.7 billion
to keep building U.S. reactors
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 [June 10, 2017]
TOKYO (Reuters) - Toshiba Corp
<6502.T> will contribute $3.68 billion to continue building two nuclear
reactors in the U.S. state of Georgia, enabling the completion of a
plant project begun by the Japanese conglomerate's now-bankrupt nuclear
unit.
Toshiba said in a statement on Saturday it had reached an agreement with
Georgia Power, a subsidiary of energy provider Southern Co. <SO.N>, to
begin payments from October through January 2021 to compete the Vogtle
plant.
The move comes after Georgia Power took over the plant's project
management from Westinghouse Electric Corp, which filed for Chapter 11
bankruptcy in March.
Toshiba said it had already set aside loss reserves for the payment and
it would not have an impact on its earnings projections.
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The logo of Toshiba Corp is seen behind a traffic light at the
company's headquarters in Tokyo, Japan March 29, 2017. REUTERS/Issei
Kato
The struggling conglomerate is rushing to find a buyer for its prized chip unit,
to cover billions of dollars in cost overruns at Westinghouse.
(Reporting by Naomi Tajitsu; editing by Alexander Smith)
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