USEC Plans Name Change with Bankruptcy Reorganization

USEC plans to change its name to “Centrus Energy Corp.” as part of its bankruptcy reorganization plan, according to a supplement to the company’s reorganization plan submitted to the Securities and Exchange Commission last week. The U.S. Bankruptcy Court for the District of Delaware last month approved USEC’s disclosure statement for its Chapter 11 bankruptcy filing, which paved the way for a vote by USEC’s creditors for final approval of the plan. Votes were due yesterday, and a court hearing to confirm approval is scheduled for Sept. 5. The name change appears to be an attempt by USEC to distance itself from the company’s troubled financial and debt history. “This change will signal the beginning of a new era for the reorganized company,” USEC spokesman Paul Jacobson said. “However, until we emerge from the Chapter 11 process, we will continue to be USEC Inc. Once the Plan of Reorganization is confirmed by the court and the company emerges, more details will be provided regarding the new name.”