USEC completes its Chapter 11 bankruptcy restructuring today and is switching over to its new name: Centrus Energy Corp. The company’s new common stock shares also will begin trading on the New York Stock Exchange under the ticker symbol “LEU” rather than the previously used “USU” symbol. USU stock closed at $0.83 per share yesterday, compared to prices around $5 per share in early September.
USEC filed for Chapter 11 in March in an effort to $530 million in debt that would have come due in October. USEC’s debt and its preferred stock will be replaced by $240.4 million in debt and new common stock. Creditors will receive $200 million in new debt and 79 percent in common stock, while preferred investors Toshiba and B&W each receive $20.19 million of the new debt and about 8 percent of the new common stock. The U.S. Bankruptcy Court for the Delaware District confirmed USEC’s restructuring plan on Sept. 5.