Kenneth Fletcher
RW Monitor
6/6/2014
A court hearing on USEC’s Chapter 11 bankruptcy filing has been postponed a third time, with the disclosure statement hearing now scheduled to take place July 7 at the U.S. Bankruptcy Court for the District of Delaware. The hearing had been originally scheduled for April 21, then was rescheduled to May 20, and was later postponed to June 9. The disclosure statement, aimed at creditors, contains USEC’s financial information, business plan and plans for reorganization of its debt. If the court approves USEC’s statement it will then be voted on by USEC creditors.
The schedule changes were necessary in part due to revisions to the disclosure statement necessary after recent changes in USEC’s business, USEC spokesman Paul Jacobson said. Chief among them is the switch in management of the American Centrifuge Project from USEC to Oak Ridge National Laboratory, which is now subcontracting with USEC. The company filed for Chapter 11 in early March in an effort to restructure its debt, and had at that point hoped to gain court approval in 90 to 120 days. It still plans to conclude the bankruptcy process “sometime this summer,” Jacobson said.
