July 06, 2014

Court to Hold Key USEC Bankruptcy Hearing Today

By ExchangeMonitor

After being rescheduled several times, the U.S. Bankruptcy Court for the District of Delaware is scheduled to hold a hearing today at 11:00 a.m. on USEC’s disclosure statement in relation to its Chapter 11 bankruptcy filing. It had first 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 after recent changes in USEC’s business. 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.

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