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Anyone effected by the Westinghouse bankruptcy ?

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Anyone effected by the Westinghouse bankruptcy ?

Old 03-31-2017, 12:10 PM
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Default Anyone effected by the Westinghouse bankruptcy ?

We are waiting to see what happens for the contractors involved.
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Old 03-31-2017, 12:13 PM
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Out of the loop I guess.
When did they declare bankruptcy?
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Old 03-31-2017, 01:10 PM
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Not impacted, but I work in this industry. Its a tough time for all.
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Old 03-31-2017, 01:12 PM
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Originally Posted by spraynet 1 View Post
Out of the loop I guess.
When did they declare bankruptcy?
http://www.cnbc.com/2017/03/29/huge-...ankruptcy.html
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Old 03-31-2017, 02:10 PM
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Originally Posted by C Dave View Post
We are waiting to see what happens for the contractors involved.
What about the 4,500 in Cranberry?
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Old 03-31-2017, 02:35 PM
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No doubt in my mind most of these over- runs are a direct result of dumb - dumbs strangling regulatory BS.
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Old 03-31-2017, 02:38 PM
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Didn't know they were still in business, thought they just rented out the name.
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Old 03-31-2017, 02:41 PM
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Originally Posted by C Dave View Post
We are waiting to see what happens for the contractors involved.


Contractors are F'd basically


some states they can go back up to 6 months and make them pay proceeds back to bankruptcy court . Shitty deal .


Any outstanding invoices are GONE and will be settled YEARS later for pennies on the dollar in most cases
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Old 03-31-2017, 03:26 PM
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Originally Posted by spraynet 1 View Post
No doubt in my mind most of these over- runs are a direct result of dumb - dumbs strangling regulatory BS.
I could not agree more; that was the intention. Add more and more regulations until it's not cost effective to build one.
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Old 03-31-2017, 03:33 PM
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Originally Posted by spraynet 1 View Post
No doubt in my mind most of these over- runs are a direct result of dumb - dumbs strangling regulatory BS.
Billions of dollars of debt caused by cost-overruns in the construction of its AP-1000 nuclear plant for customers in the United States and China. There are two plants under const. in the U.S. The others are in China.
The bankruptcy does not affect its operations in Asia, Europe, the Middle East and Africa.
What has had an impact on the nuc plants in the U.S is the slowing demand for electric and the low prices of natural gas.
When Toshiba took Westinghouse over they basically took them out of the nuclear building industry. Westinghouse was basically the R/D for building the plants and maintenance.
GE has even cut back in this field.
Westinghouse has been the leading supplier of reactors for nuclear-powered ships.
The bankruptcy filing will be short lived for the most part. It creates national security implications
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Old 03-31-2017, 03:47 PM
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Originally Posted by mikefloyd View Post
I could not agree more; that was the intention. Add more and more regulations until it's not cost effective to build one.
Regulations wasn't just the main issue.
The nuke plants under construction was the generation III reactors.Simpler designs and safety features.
The new reactors were running afoul of tighter regulations and unfamiliar designs, delaying completions and raising questions on whether the breakthroughs are too complex and expensive to be realized without state aid.
The cost overrun situation is driven by a near perfect storm of societal risk aversion to nuclear causing ultra-restrictive regulatory requirements, construction complexity, and lack of nuclear construction experience by the industry,
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Old 04-01-2017, 01:19 PM
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If it wasn't for Westinghouse we'd be on DC current from Edison/GE.
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Old 04-01-2017, 02:21 PM
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They owe the company I work for a bunch of money...it's in the hands of our finance team and lawyers at this point.
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Old 04-01-2017, 03:16 PM
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Most of the issues with increase costs are related to issues with design and changes in regulation.
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Old 04-02-2017, 09:33 PM
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Does this affect the WESCOs - Westinghouse Electric Supply Company part of the business or just the nuke division?

Regards,
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Old 04-03-2017, 09:42 AM
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We got caught whit the Smurfit-Stone bankruptcy in '08/'09. Didn't help that the economy was already in the tank. Took us about a year and a half to get about 60 cents on the dollar.
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Old 04-05-2017, 11:29 AM
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I work for Fluor on the VC Summer site...not good. Hope it all work out.
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Old 04-05-2017, 11:55 AM
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So, Boss, I missed the estimate by a mere 60% - what's the issue?
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Old 04-05-2017, 12:37 PM
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Westinghouse is Westinghouse, it it has Westinghouse on it it is included, now owned 100% by Toshiba.

The losses by Westinghouse exceeded all income that Toshiba had, now Toshiba is considering bankruptcy to protect itself
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Old 04-05-2017, 03:52 PM
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Originally Posted by dihrah View Post
Westinghouse is Westinghouse, it it has Westinghouse on it it is included, now owned 100% by Toshiba.

The losses by Westinghouse exceeded all income that Toshiba had, now Toshiba is considering bankruptcy to protect itself
77 percent share and partners The Shaw Group a 20 percent share and Ishikawajima-Harima Heavy Industries Co. Ltd. a 3 percent share.
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