Westinghouse Cleared to Exit Bankruptcy With Brookfield Takeover

Westinghouse Electric Co. won court approval for a bankruptcy reorganization that puts its global nuclear business in the hands of Brookfield Asset Management Inc.’s private equity arm.

U.S. Bankruptcy Judge Michael Wiles confirmed the plan in the U.S. Bankruptcy Court for the Southern District of New York on March 27, subject to the revisions made during the hearing.

This is “truly a remarkable accomplishment, given the complexity of the case, the complexity of issues” and the speed at which it was done, Wiles said.

Brookfield, Canada’s biggest alternative asset manager, agreed in January to pay ...