USEC GETS 15-DAY EXTENSION FROM LENDER FOR AMERICAN CENTRIFUGE FUNDING

USEC creditor JPMorgan Chase Bank has given the company 15 more days obtain additional funding for the American Centrifuge Project before significantly restricting the amount USEC can spend on the program. A line of credit, which currently funds the project at $15 million per month, had been set to expire on June 1. However, on Friday USEC negotiated an extension until June 15 on the credit line that allows it to spend $6 million on the project for the first half of the month, according to a Securities and Exchange Commission filing. The company hopes that by June 15 the Department of Energy will be able to provide additional financial support for a research, development and deployment program for American Centrifuge. But if no such deal is reached, JP Morgan would require USEC to cut spending on the project to no more than $1 million per month starting in July, except for expenses related to the demobilization of the project.