USEC Paid $15M In Bonuses Just Before Ch. 11, Docs Show

Law360, New York (April 08, 2014, 3:15 PM ET) -- Nuclear fuel provider USEC Inc. paid more than $30 million in bonuses and other compensation to high-ranking executives and bankruptcy advisers before filing for Chapter 11 protection earlier this year, according to documents filed Friday in Delaware federal court.

The expenditures were revealed in financial statements provided to the court, where the Maryland-based company is attempting to reorganize itself and shed some of its estimated $1.07 billion in debt.

According to the statements, the company devoted $15 million to its executives in the year prior to...
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