Westinghouse Electric Company LLC

• 3/29/17 Recap: File this under the most heavily leaked/discussed bankruptcy filing of all time: the Japanese government seemed to make an announcement about the proposed filing every hour. So...Pennsylvania-based nuclear power company filed for bankruptcy (30 debtors in total) after its parent, Toshiba, took a uuuuuuuuuge $6b+ write-down due to delayed and above-budget construction of plants in Georgia and South Carolina. The company secured a $800mm commitment for a DIP facility to fund the cases after a competitive DIP process with powerhouses like Goldman Sachs, Highbridge and Silver Point duking it out with Apollo. We've already covered this company a lot in previous weeks so suffice it to say that the upshot of this filing is that it will lead many to question the viability of nuclear as an alternative power source.
• Jurisdiction: SD of New York 
• Company Professionals:
  • Primary Legal: Weil (Gary Holtzer, Garrett Fail, Robert Lemons, David Griffiths, Charles Persons, David Cohen)
  • Legal for Toshiba Nuclear Energy Holdings (UK) Limited: Togut Segal & Segal LLP (Albert Togut, Brian Moore, Kyle Ortiz)
  • Financial Advisor: AlixPartners LLC (Lisa Donahue)
  • Investment Banker: PJT Partners Inc. (Timothy Coleman, John Singh, Mark Buschmann, Harold Kim)
  • Claims Agent: KCC (*click on company name for docket)
• Other Parties in Interest:
  • Toshiba Corporation
    • Legal: Skadden Arps Slate Meagher & Flom LLP (Van Durrer, Paul Leake, Annie Li) 
  • Prepetition Agent:
    • Legal: Latham & Watkins LLP (Zulfiqar Bokhari) 
  • Proposed DIP Lenders: Apollo Investment Corporation, AP WEC Debt Holdings LLC, Midcap Financial Trust, Amundi Absolute Return Apollo Fund PLC, Ivy Apollo Strategic Income Fund, Ivy Apollo Multi Asset Income Fund
    • Legal: Paul Weiss Rifkand Wharton & Garrison LLP (Jeffrey Saferstein, Claudia Tobler, Kevin O'Neill) 
  • Proposed DIP Agent: Citibank NA
    • Legal: Shearman & Sterling LLP (Fredric Sosnick, Ned Schodek) 
  • Competing (but losing) DIP Providers: Goldman Sachs Bank USA, HPS Investment Partners LLC, Silver Point Finance LLC
  • Georgia Power Company, Oglethorpe Power Corporation, Municipal Electric Authority of Georgia and City of Dalton Georgia
    • Legal: Jones Day (Gregory Gordon, Dan Prieto, Amanda Rush, Anna Kordas, Jeffrey Ellman)
  • Municipal Electric Authority of Georgia
    • Legal: Alston & Bird LLP (Dennis Connolly)
  • South Carolina Electric & Gas Company and South Carolina Public Service Authority
    • Legal: Reed Smith LLP (Paul Singer, Derek Baker, Tarek Abdalla)
  • Oglethorpe Power Corporation (An Electric Membership Corporation)
    • Legal: Dechert LLP (Michael Sage, Stephen Wolpert) & Parker Hudson Rainer & Dobbs LLP (C. Edward Dobbs)
  • Exelon Generation Company LLC
    • Legal: Ballard Spahr LLP (Matthew Summers)
  • Official Committee of Unsecured Creditors
    • Legal: Proskauer Rose LLP (Martin Bienenstock, Timothy Karcher, Vincent Indelicato)
    • Financial Advisor: Alvarez & Marsal LLC

Updated 5/31/17