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Toshiba reaches $2.2 billion deal over SCANA's S.C. nuclear project [MSN Money]

SCANA (SCG)  More Company Research Source: MSN Money
Last scana earnings: 4/26 07:30 am Check Earnings Report
US:NYSE Investor Relations: scana.com/investors
PDF © REUTERS/Toru Hanai/File Photo FILE PHOTO: Logo of Toshiba Corp is seen as Window cleaners work on the company's headquarters in Tokyo Toshiba Corp has agreed to pay $2.168 billion to walk away from two unfinished nuclear reactors in South Carolina being built by its Westinghouse subsidiary, according to a statement by the owners of project. Popular Searches SCANA Corp (SCG.N) and its partner, state-owned utility Santee Cooper, said Toshiba will make the payments in installments beginning in October and ending in September 2022. Toshiba's Westinghouse Electric Co filed for bankruptcy in March, overwhelmed by the cost overruns at the VC Summer plant in South Carolina and a similar unfinished nuclear project known as Vogtle in Georgia. The projects are years behind schedule. The agreement allows Toshiba and its Westinghouse unit to exit the nuclear construction business and caps Toshiba's liability for guaranteeing that Westinghouse complete t [Read more]

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