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Stock Market & Financial Investment News

News Breaks
January 24, 2013
16:32 EDTUSUUSEC to sell NAC International to Hitz Holdings U.S.A. for $45M
USEC announced that it has entered into a stock purchase agreement to sell NAC International to Hitz Holdings U.S.A., a subsidiary of Hitachi Zosen Corporation, for $45M in cash following a competitive sale process. USEC acquired NAC in 2004 as NAC was adding to its diverse suite of spent fuel management technologies with the development and licensing of its ground-breaking MAGNASTOR technology. The sale will also benefit USEC's near-term balance sheet improvement efforts. USEC purchased NAC for $16M in 2004. Hitachi Zosen commented that "through the acquisition of NAC, Hitachi Zosen will be able to offer a 'one stop' solution from engine
News For USU From The Last 14 Days
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August 18, 2014
08:40 EDTUSUUSEC: 99% of votes cast by convertible noteholders favor reorganization plan
Investors holding USEC convertible notes overwhelmingly voted in favor of the Company’s Plan of Reorganization during a month-long voting period that ended August 11. The results of the voting by noteholders were certified by the court-appointed balloting agent to the U.S. Bankruptcy Court for the District of Delaware today. USEC filed a voluntary petition for relief under Chapter 11 on March 5. The bankruptcy was a “pre-arranged” filing that included a proposed Plan of Reorganization that was supported by a group of noteholders that owned more than 66% of the value of the notes outstanding. USEC has continued to operate its business as a “debtor-in-possession” under the jurisdiction of the court. Under the U.S. Bankruptcy Code, the plan is accepted if approved by at least two-thirds in dollar amount and more than one-half in number of noteholders who have timely and properly voted to accept or reject the plan. According to the voting results certified by Logan & Company Inc., the court-appointed balloting agent for the Company, the Plan of Reorganization was accepted by more than 99% in both value of the notes and the number of votes cast. In addition, both holders of the Company’s preferred equity voted in favor of the plan. The next step in the Chapter 11 process will be a confirmation hearing in the U.S. Bankruptcy Court for the District of Delaware on September 5, 2014. If the plan is approved by the court, USEC would anticipate emerging from Chapter 11 protection shortly thereafter although, its emergence remains subject to, among other things, satisfaction of all conditions for emergence established under the Plan of Reorganization.

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