USEC Inc. (NYSE: USU) today announced that it expects to complete the
final steps necessary to emerge from its Chapter 11 restructuring on
September 30, 2014, under the name Centrus Energy Corp. The Company’s
new common stock shares are expected to begin trading on the New York
Stock Exchange under the ticker symbol “LEU” on that date.
The Company’s Plan of Reorganization was confirmed on September 5, which
was the last major court action in the Chapter 11 bankruptcy process
that USEC began March 5, 2014. Details relating to the cancellation of
existing securities (including USU common stock, preferred stock and
notes) and the issuance of new LEU common stock and new notes are set
forth in the Company’s Plan of Reorganization, which is summarized in
and attached to a Form 8-K filing issued by the Company on September 5.
Holders of record as of September 29 do not need to take any action as
the existing securities are expected to be cancelled prior to the
opening of trading on September 30, and new securities will be
distributed electronically through the Depository Trust Corp. or the
Company’s transfer agent Computershare on September 30.
This press release contains “forward-looking statements” within the
meaning of Section 21E of the Securities Exchange Act of 1934 - that is,
statements related to future events. In this context, forward-looking
statements may address our expected future business and financial
performance, and often contain words such as “expects”, “anticipates”,
“intends”, “plans”, “believes”, “will” and other words of similar
meaning. Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. For USEC, particular risks and
uncertainties that could cause our actual future results to differ
materially from those expressed in our forward-looking statements
include, but are not limited to the impact of and risks related to USEC
Inc.'s “pre-arranged” case under Chapter 11 of the bankruptcy code
including risks related to satisfying the conditions for the
effectiveness of USEC Inc.'s plan of reorganization, the impact of any
delay or inability to satisfy such conditions, the impact of a potential
de-listing of our common stock on the NYSE, and the impact of our
restructuring on the holders of our common stock, preferred stock and
convertible notes and other risks and uncertainties discussed in our
filings with the Securities and Exchange Commission, including our
Annual Report on Form 10-K and quarterly reports on Form 10-Q, which are
available on our website www.usec.com.
We do not undertake to update our forward-looking statements except as
required by law.