Westinghouse Electric has hired Weil Gotshal & Manges as the companys troubles threaten to push Toshiba, one of Japans most storied conglomerates, over the brink.
The bankruptcy and restructuring specialist law firm was brought in after Toshiba wrote off about A$8.2bn last month because of Westinghouse, Reuters reported. The writedown pushed Toshiba into negative shareholder equity territory and resulted in its chairman, Shigenori Shiga, stepping down. The further writedown comes as Toshiba is still recovering from a US$1.3bn accounting scandal in 2015.
Weil previously acted for Westinghouse on its acquisition of CB&I Stone & Webster in 2015. Toshiba, which announced it is not taking on new projects to …
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