USEC expects to complete the final steps necessary to emerge from its Chapter 11 restructuring on September 30, 2014, under the name Centrus Energy Corp. The Company’s new common stock shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “LEU” on that date.
USEC Inc. Sets Effective Date for Emergence from Chapter 11
Court Confirms USEC Inc. Plan of Reorganization
The U.S. Bankruptcy Court for the District of Delaware has confirmed the Company’s Plan of Reorganization. It will emerge from Chapter 11 restructuring under the name Centrus Energy Corp. when the Plan becomes effective later in September. The Plan received overwhelming support from investors who hold the Company’s convertible notes and preferred equity.
USEC Noteholders Voted to Approve Plan of Reorganization
Investors holding USEC Inc. (NYSE:USU) convertible notes overwhelmingly voted in favor of the Company’s Plan of Reorganization during a month-long voting period that ended August 11.
USEC Statement on Trading in Its Common Stock
In view of the unusual market activity in the company’s stock today, the New York Stock Exchange contacted the company in accordance with its usual practice. The company stated that its policy is not to comment on unusual market activity.
USEC Reports Second Quarter 2014 Results
Net loss of $28 million on lower sales volume and significant non-production costs; Oak Ridge National Laboratory exercises option to extend American Centrifuge demonstration program into 2015; Chapter 11 voting concludes; Confirmation hearing scheduled for September 5
USEC Names Steven Penrod Vice President of American Centrifuge
Succeeds Paul Sullivan Who Leaves to Become Director of Penn State Applied Research Laboratory
Court Approves USEC Disclosure Statement
Chapter 11 process moves forward; Voting on Plan of Reorganization begins soon; Subject to court approval, Company anticipates emerging from bankruptcy protection in September.
USEC Statement on Trading in Its Common Stock
USEC Reports First Quarter 2014 Results
Net loss of $50.8 million primarily due to non-production costs at Paducah GDP; American Centrifuge demonstration & operations continue in Ohio and Tennessee; Chapter 11 process continues; Company anticipates emerging this summer
RD&D Cooperative Agreement for American Centrifuge Program Extended to April 30
Prudent spending during first quarter of 2014 allows no-cost extension of RD&D; Constructive discussions continue with Oak Ridge National Laboratory on future program
USEC Reports Financial Results for the Fourth Quarter and Full Year 2013
Net loss of $158.9M due primarily to non-production costs related to Paducah GDP transition; Positive cash flow from operations supports year-end cash balance of $314M; USEC continues to pursue restructuring through a pre-arranged Chapter 11 filing; Funding for RD&D Program in place through April 15, 2014; discussions on further government funding for technology continue
USEC Inc. to Implement Financial Restructuring Plan
Files voluntary, prearranged plan of reorganization under Chapter 11. Plan supported by majority of noteholders and by preferred investors, Toshiba and B&W. Daily operations continue unaffected. Filing relates only to parent company. USEC to fully meet obligations to customers and suppliers as operations continue. USEC terminates Tax Benefit Preservation Plan.
American Centrifuge Program Passes “Station Blackout” Test
Personnel and Backup Systems Successfully Meet Stress Test of a Total Power Outage; Further Affirmation of Centrifuge Operational and Technical Readiness and Robustness; DOE, NRC Representatives Observe Test; Test Follows Recent Milestone Achievements for Technology Critical to National and Energy Security
Department of Energy Prepared to Extend American Centrifuge RD&D Program Three Months
USEC Inc. was informed today by the United States Department of Energy that it is prepared to extend the American Centrifuge cooperative research, development and demonstration program for three months beyond January 15, 2014, subject to Congressional appropriations.
USEC Inc. Reaches Agreement with Noteholder Group To Move Forward with Balance Sheet Restructuring
Agreement executed with group of noteholders representing more than 60% of notes; Restructuring relates only to parent company USEC Inc.; USEC to fully meet obligations to customers and suppliers as operations continue; Plan restructures balance sheet debt and equity only; Strong support of agreement by noteholders expected to accelerate restructuring process
USEC Achieves American Centrifuge RD&D Milestones
A full production-scale cascade of 120-machines has achieved 20-machine years of operations at commercial plant specifications. During that performance run, USEC successfully completed three important milestones set by the Department of Energy for the American Centrifuge RD&D program.
Final Megatons to Megawatts Shipment Completes Historic Program
20-year energy and nonproliferation program converted Russian nuclear warhead material into commercial nuclear fuel
U.S. International Trade Commission Votes 3-1 for Continued Duties on Imported French Low Enriched Uranium
The duties were first established in 2002 and renewed in 2007 following a comprehensive investigation by the U.S. Commerce Department and the ITC. The vote ensures that the U.S. Commerce Department’s order imposing dues on French low enriched uranium to offset dumping, which has been detrimental to America’s uranium enrichment industry, will remain in place for at least five more years.
USEC Reports Third Quarter 2013 Results
Net loss of $44.3 million reflects continuing transition costs for Paducah plant; American Centrifuge RD&D program remains under budget and on schedule, meeting milestones; DOE funding continuing in increments; Commenced full cascade operations in early October; Year-end cash balance of more than $250 million expected
USEC to Webcast Conference Call on November 5 at 8:30 a.m. ET
USEC will broadcast its next quarterly conference call with shareholders and the financial community over the Internet on Tuesday, November 5, 2013, at 8:30 a.m. ET. The Company will release its third quarter 2013 earnings report, which ended September 30, 2013, after the close of markets on Monday, November 4.
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