Deals
Private Equity Weighs Nuclear Option: Westinghouse Electric
- Apollo’s $800 million DIP loan puts it in a favored position
- Angelo Gordon, Oaktree, Goldman also said to have bid on loan
Westinghouse Electric has filed for bankruptcy in the U.S.
Photographer: Pallava Bagla/Corbis via Getty ImagesThis article is for subscribers only.
On the eve of the bankruptcy of Westinghouse Electric Co. -- a major blow to the nuclear industry -- around 10 private investment firms were circling.
Victorious among them was Apollo Global Management LLC, which won a bidding war to lend Westinghouse $800 million to fund operations as it tries to reorganize. The loan now gives the private equity firm a prime seat at the table where the company’s future will be determined.