U.S. nuclear power company Westinghouse Electric Co. plans to file for Chapter 11 bankruptcy protection, after the board of its parent company, Japan’s Toshiba Corp. , approved the move Wednesday, according to a report by Nikkei news service. Cost overruns at Westinghouse’s nuclear projects in Georgia and South Carolina have weighed heavily on Toshiba, which warned in February it may face up to a $6.2 billion writedown from its nuclear energy business. Toshiba bought Westinghouse in 2006 for $5.4 billion. The Japanese conglomerate also intends to spin off its memory-chip unit at the end of March to raise much-needed capital.
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