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Stock Market & Financial Investment News

News Breaks
July 19, 2013
18:06 EDTUSUUSEC declines to comment on unusual market activity
USEC made the following statement: "In view of the unusual market activity in the company’s stock, the New York Stock Exchange has contacted the company in accordance with its usual practice. The company stated that its policy is not to comment on unusual market activity."
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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