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April 1, 2014
09:00 EDTUSUUSEC falls 12.7%
USEC is down 12.7%, or 51c, to $3.50
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.
August 14, 2014
11:27 EDTUSUUSEC says not commenting on unusual market activity
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11:10 EDTUSUUSEC rises after reporting drop in net losses
Shares of micro-cap USEC Inc. (USU) are rising in early trading after the company last night reported a net loss per share of ($5.71) for its fiscal second quarter, compared to a net loss of ($8.35) per share for the second quarter of 2013. Revenue for the second quarter was $121.2M, a decrease of 57% compared to the same quarter of 2013, which reflect a 63% reduction in revenue from the low enriched uranium segment following the cessation of enrichment at the Paducah Gaseous Diffusion Plant in last year's second quarter. John Welch, USEC president and CEO said, “During the second quarter, we continued to execute our Paducah transition plan to return the facility to DOE in October, we delivered LEU to our customers on time and in specification, and we earned a gross profit. Over the past year, the non-production costs related to preparing the Paducah GDP for return have weighed on our profitability, but we are nearing the conclusion of this process. We have also been focused on successfully concluding the Chapter 11 process in the near term. The voting period for those investors holding USEC convertible notes and preferred equity ended on August 11, which is another important milestone in the process. Voting results are being certified and will be filed with the Bankruptcy Court in advance of a confirmation hearing that is scheduled for September 5. We anticipate emerging from bankruptcy protection shortly thereafter." USEC said it is going through "a period of transition during 2014" and that given the uncertain and incremental nature of federal funding for work under the ACTDO Agreement that its guidance for financial results and metrics for 2014 will "continue to be limited." PRICE ACTION: In morning trading, USEC shares rose $2.09, or 46%, to $6.66.

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