Uranium Supplier USEC Hits Ch. 11 With Prepackaged Plan

Law360, Wilmington (March 5, 2014, 4:36 PM EST) -- Nuclear fuel provider USEC Inc. entered Chapter 11 bankruptcy Wednesday armed with a restructuring plan designed to clean up a balance sheet showing more than $1 billion in debt and aid the company's long-term goal of modernizing its production process.

USEC, the parent of seven nondebtor subsidiaries, listed $70 million in assets against $1.07 billion in liabilities as of Dec. 31. The Maryland-based company provides low-enrichment uranium to nuclear power plants and has been working to transform itself by implementing a new enrichment method to replace...
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