PRESS DIGEST- British Business - May 29
May 29 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
TOKYO, March 29 U.S. nuclear developer Westinghouse Electric Co plans to seek bankruptcy protection from creditors on Tuesday as it struggles with losses that have thrown its Japanese parent Toshiba Corp into crisis, people familiar with Toshiba's thinking said.
Pittsburgh-based Westinghouse, crippled by cost overruns at two U.S. projects in Georgia and South Carolina, will file for protection under Chapter 11 of the U.S. Bankruptcy Code, the people told Reuters on Tuesday.
One of the sources has direct knowledge of the decision and one has been briefed on the matter.
Toshiba media representatives could not immediately be reached for comment outside office hours. (Reporting by Kentaro Hamada and Taro Fuse; Editing by William Mallard)
* unit entered into arrangements regarding acquisition of a 30% interest in each of PPLs 474, 475, 476, 477 and PRL 39 from Exxonmobil affiliates Source text for Eikon: Further company coverage:
* Novo Resources to invest $2m to earn in to new 50/50 gold exploration, development, mining and collaboration jv in Karratha. Source text for Eikon: Further company coverage: