CRANBERRY TWP — The U.S. Bankruptcy Court for the Southern District of New York today approved Westinghouse Electric Co.’s plan of reorganization.

“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,” he said. “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.”

The court’s approval of the plan is a significant milestone in the company’s strategic restructuring, the company said in a news release, which involves its previously announced sale to Brookfield Business Partners L.P.

The sale is expected to close in the third quarter of 2018. The plan was overwhelmingly supported by Westinghouse’s creditors constituencies.

The cancellation of the South Carolina V.C. Summer Nuclear Station project resulted in Westinghouse filing for Chapter 11 bankruptcy in March 2017. Company officials also cited difficulties with a similar project in Georgia as a reason for lost revenue. That project is still under construction.

The combination of the cancellation and bankruptcy led the company to cut 1,500 employees companywide. The cuts, expected to be completed in March, accounted for about 7 percent of the company’s employees.

Westinghouse employs around 2,200 people in Cranberry Township and about 3,400 in Western Pennsylvania.

The bankruptcy case was followed by the January announcement that Westinghouse, which was acquired in 2006 by Japanese electronics manufacturer Toshiba for $5.4 billion, will be purchased by Brookfield Business Partners LP for $4.6 billion.

The acquisition includes all global business of Westinghouse as well as its affiliated debtors and debtors-in-possession. Brookfield would also take ownership of certain pension, environmental and other operating obligations.