V.C. Summer owners make $1.85B deal to recover funds

V.C. Summer owners make $1.85B deal to recover funds

S.C. utilities SCANA Corp. and Santee Cooper will sell $2 billion in future payments owed them for the abandoned V.C. Summer nuclear expansion project to Citibank for $1.85 billion. The deal removes the risk that Toshiba Corp., parent of bankrupt project designer and contractor Westinghouse Electric Corp., will be unable to make promised payments to the utilities. SCANA and Santee Cooper halted construction on the two reactors in Jenkinsville, S.C., in August after Westinghouse filed for Chapter 11 protection.

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