Shaw Group (SHAW) Unit Did Not Receive Trustee Consent to Exercise Westinghouse Conversion Put Option
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The Shaw Group Inc. (NYSE: SHAW) today announced its special purpose subsidiary, Nuclear Energy Holdings L.L.C., did not receive consent from the bondholder trustee to the early exercise of its put options to sell its investment in Westinghouse back to Toshiba Corporation.
As previously disclosed, under the terms of the original agreement, the put options likely will be exercised automatically on Oct. 6, 2012, for cash settlement on Jan. 4, 2013. Proceeds from the sale would be used to repay the bonds in full on their scheduled maturity date of March 15, 2013.
As previously disclosed, under the terms of the original agreement, the put options likely will be exercised automatically on Oct. 6, 2012, for cash settlement on Jan. 4, 2013. Proceeds from the sale would be used to repay the bonds in full on their scheduled maturity date of March 15, 2013.
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