Your core NP team

RICHARD C. PEDONE Lee Harrington Christopher M. Desiderio CHRISTOPHER FONG

Critical Issues for
the westinghouse
Partner Partner Counsel Associate
Restructuring & Bankruptcy Restructuring Restructuring Restructuring
Litigation lharrington@nixonpeabody.com cdesiderio@nixonpeabody.com cfong@nixonpeabody.com
rpedone@nixonpeabody.com

Creditors Committee
George J. Skelly Sheldon K. Smith Scott M. Turner Morgan C. Nighan
Partner Partner Partner, Practice Group Leader, Associate
Litigation Litigation Energy & Environment Litigation
gskelly@nixonpeabody.com sksmith@nixonpeabody.com sturner@nixonpeabody.com mnighan@nixonpeabody.com

BRUCE J. BAKER JEFFREY S. BRENNER John Foust Alexandra Margolis

Partner Partner Counsel Partner
Energy & Construction Construction Litigation Construction Litigation Finance / DIP Lending
bbaker@nixonpeabody.com jbrenner@nixonpeabody.com jfoust@nixonpeabody.com amargolis@nixonpeabody.com

Nixonpeabody.com | @nixonpeabodyllp

Jinho Alex yim Richard F. Langan, Jr.

Associate Partner
Finance Corporate
ayim@nixonpeabody.com rlangan@nixonpeabody.com

April 7, 2017
 WESTINGHOUSE
CREDITORS COMMITTEE Evaluate and monitor ability to pay on guaranty and other claims
Evaluate and possibly contest claims made against Debtors estates
Impact of Japanese politics
Review transfer of technology
Bankruptcy processes can be used to expedite claim payments on
guarantees
Vogtle Reactors Georgia
VC Summer Reactors South Carolina
Hire consultant with deep nuclear experience
What WEC assets will alternative contractors need? Creditors'
Do they want to purchase WEC assets?
Committee D&O liability
Feb 2006 Toshiba purchases Work cooperatively with owners to mitigate claims Fraudulent conveyance, distributions of
87% stake in WEC and maximize guaranty recovery cash, and upstream IP
Why was filing delayed?

2008 Contracts awarded

Assess profitability
Oct 2015 Latest date it became Better options may be available
Evaluate reorganization or sale
clear to WEC it bears Prevent non-debtors from accessing funds
Hire investment bank
excess construction Establish and monitor budget
Do we trust the existing board and management?
costs
Monitor motives and decision making
Dec 31, WEC acquires CB&I
2015 Stone & Webster

Feb 2017 February write down

by Toshiba

Mar 29, Petition date Hire nuclear consultant Meet with Debtors Identify disputes
2017 Project evaluation Plan confirmed Plan confirmed
Evaluate DIP objections Obtain data from Debtors Evaluate mediation and
Sales process Distributions Distributions
Evaluate interim Serve discovery arbitration Disputes resolved
Investigation Disputes resolved
assessment agreements Creative use of bankruptcy
litigation procedures