Kenneth Fletcher
RW Monitor
9/19/2014
USEC plans to complete on Sept. 30 its Chapter 11 bankruptcy restructuring and emerge from the process under the new name Centrus Energy Corp., the company said this week. The company’s new common stock shares will also then begin trading on the New York Stock Exchange under the ticker symbol “LEU” rather than the “USU” currently used. On Sept. 5 the U.S. Bankruptcy Court for the Delaware District confirmed USEC’s restructuring plan. That approval came after last month 99 percent of USEC’s creditors voted to approve the plan.
USEC filed for Chapter 11 in March in an effort to replace $530 million in debt that largely comes due in October. According to the plan, USEC’s $530 million debt and its preferred stock will be replaced by $240.4 million in debt and new common stock. Creditors would receive $200 million in new debt and 79 percent in common stock, while preferred investors Toshiba and B&W would each receive $20.19 million of the new debt and about 8 percent of the new common stock.
