Centrus Energy Corp. Emerges from Chapter 11 Restructuring
30 Setembro 2014 - 9:12AM
Business Wire
- Stronger balance sheet positions
company to compete in global nuclear fuel market; supports U.S.
energy and national security
- Company formerly known as USEC
Inc.
Centrus Energy Corp. (NYSE: LEU) today announced that it has
satisfied all conditions for emergence from Chapter 11 bankruptcy
as set forth in its Plan of Reorganization that was approved by the
U.S. Bankruptcy Court for the District of Delaware on September 5,
2014. The Plan becomes effective today, and Centrus, formerly known
as USEC Inc. (NYSE: USU), emerges from restructuring in a stronger
position to supply customers with nuclear fuel and support the
energy and national security needs of the United States.
Centrus stock is expected to begin trading on the New York Stock
Exchange today under the ticker symbol LEU. Throughout the
restructuring process that began March 5, 2014, the Company has
continued to meet all of its obligations to customers and vendors
and will not require external exit financing upon emergence. The
Company has maintained its NYSE listing throughout the Chapter 11
process.
“With this restructuring, we have accomplished a great deal,”
said John Welch, president and chief executive officer of Centrus.
“We have dramatically improved our capital structure by replacing
$530 million in debt due this October and $114 million in preferred
stock with new debt and new common stock. During this time, we met
all of our customers’ needs on schedule as we have always done and
achieved important performance objectives with our advanced uranium
enrichment technology.
“Looking ahead, we will continue as a reliable supplier to our
customers with an improved financial foundation. We strongly
believe in the future value that the American Centrifuge technology
can provide for domestic uranium enrichment and will build on the
innovation of our employees, America’s leading experts on uranium
enrichment, to support the national security objectives of the
United States Government.”
Welch thanked Centrus customers, suppliers, creditors, business
partners and employees for their support throughout the bankruptcy
process. He said Centrus will remain positioned to commercialize
the American Centrifuge technology when market conditions permit to
supply the global fleet of commercial power reactors.
A new board of directors consisting of up to 11 directors will
provide governance and strategic direction for Centrus. Five
members of the previous USEC Inc. board, including one member
appointed by Toshiba America Nuclear Energy Corporation, and five
newly appointed directors under the Plan approved by the bankruptcy
court will comprise the new board. One seat on the board remains
vacant, which may be filled by a person appointed by The Babcock
& Wilcox Company.
Under the Plan of Reorganization, Centrus will issue 9 million
shares of new common stock today, September 30, 2014. Centrus will
also issue new debt totaling $240.4 million that matures in five
years. Subject to certain conditions, the debt can be extended an
additional five years. The noteholders will receive $200 million of
the new debt and approximately 79 percent of the new common stock.
The two preferred shareholder investors, Toshiba and B&W, will
each receive $20.19 million of new debt and approximately 8 percent
of the new common stock. Current common stockholders will receive
approximately 5 percent of the new common stock in exchange for
existing common stock. Distribution of the new common stock is
subject to dilution on account of a new management incentive plan
and will be made to holders of record as of 5:00 p.m. EDT on
September 29, 2014.
Under the terms of the Plan of Reorganization, all previously
existing securities of USEC Inc. will be cancelled prior to the
opening of trading today. Current stockholders do not
need to take any action to receive their shares of new common
stock LEU as the new equity will be distributed electronically by
Computershare, the Company’s transfer agent, or through the
Depository Trust Corp. The exchange ratio is approximately 0.0917,
which means 1000 shares of USU will be exchanged for approximately
92 shares of LEU.
About Centrus Energy Corp.
Centrus Energy Corp. is a trusted supplier of enriched uranium
fuel for a growing fleet of international and domestic commercial
nuclear power plants. Centrus is working to deploy the American
Centrifuge technology for commercial needs and to support U.S.
energy and national security.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 21E of the Securities Exchange Act of 1934 -
that is, statements related to future events. In this context,
forward-looking statements may address our expected future business
and financial performance, and often contain words such as
“expects”, “anticipates”, “intends”, “plans”, “believes”, “will”
and other words of similar meaning. Forward-looking statements by
their nature address matters that are, to different degrees,
uncertain. For Centrus Energy Corp., particular risks and
uncertainties that could cause our actual future results to differ
materially from those expressed in our forward-looking statements
include, uncertainty regarding our ability to maintain the listing
of our common stock on the NYSE; uncertainty regarding our ability
to improve our operating structure, financial results and
profitability following emergence from Chapter 11; risks related to
the ongoing transition of our business, and other risks and
uncertainties discussed in our filings with the Securities and
Exchange Commission, including our Annual Report on Form 10-K and
quarterly reports on Form 10-Q, which are available on our website
www.centrusenergy.com. We do not undertake to update our
forward-looking statements except as required by law.
Centrus Energy Corp.Investors: Steven Wingfield,
301-564-3354Media: Paul Jacobson, 301-564-3399
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