Westinghouse Plan of Reorganization Confirmed

CRANBERRY TOWNSHIP, Pa.–(BUSINESS WIRE)–Westinghouse Electric Company today obtained approval from the U.S.
Bankruptcy Court for the Southern District of New York (the Court) of
the company’s plan of reorganization (the Plan).

The Court’s approval of the Plan is a significant milestone in the
company’s strategic restructuring, which involves its previously
announced sale to Brookfield Business Partners L.P. (NYSE:BBU)
(TSX:BBU.UN). The sale is expected to close in the third quarter of
2018, subject to customary closing conditions including, among others,
regulatory approvals.

The Plan was overwhelmingly supported by Westinghouse’s creditor
constituencies.

“Confirmation of our plan of reorganization is one of the final steps in
the completion of our strategic restructuring,” said José Emeterio
Gutiérrez, Westinghouse president and chief executive officer. “Our
customers, employees, suppliers, vendors, and other important
constituencies overwhelmingly supported our plan of reorganization. We
are on track to fulfill our promise to emerge from this strategic
restructuring process as a stronger business partner while retaining our
primary focus on safety.”

Weil, Gotshal & Manges LLP is Westinghouse’s legal counsel, AlixPartners
LLP is acting as Westinghouse’s Chief Transformation Officer and
restructuring advisor, and PJT Partners is the investment banker to
Westinghouse.

Contacts

Westinghouse Electric Company
Courtney Boone, +1 724-816-9408
Vice
President, Global Communications
Email: [email protected]