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4-Traders Homepage  >  Equities  >  Nyse  >  USEC Inc.    USU

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USEC : Sets Effective Date for Emergence from Chapter 11

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09/18/2014 | 01:11pm CEST

– Common stock for Centrus Energy Corp. expected to begin trading on NYSE September 30 –

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.

Forward-Looking Statements

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.


© Business Wire 2014
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Mean consensus HOLD
Number of Analysts 1
Average target price -
Spread / Average Target -100%
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Managers
NameTitle
Daniel B. Poneman President, Chief Executive Officer & Director
Mikel H. Williams Chairman
Stephen S. Greene Chief Financial Officer, Treasurer & Senior VP
Bill J. Madia Independent Director
Hiroshi Sakamoto Director
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