The United States Enrichment Corporation emerged from Chapter Eleven Bankruptcy with a new name after completion of its restructuring plan today.
The business enriched uranium at the Paducah Gaseous Diffusion Plant before it closed last year. $530 million in debt (originally due next month) forced the company to declare bankruptcy back in March.
Now known as Centrus Energy Corporation, the company is led by a new 11-member board of directors. Five of those return from the USEC age, with five more appointed as part of the restructuring plan.
The last spot is currently vacant.
In a release, Centrus President and CEO John Welch said he feels the move improved the business's capital structure without disruption of its clientele.
Restructuring Details:
The company issued 9 million shares of new common stock this morning as it opened for trade on the New York Stock Exchange.
Centrus will issue new debt totaling $240.4 million that matures in five years; certain conditions may bring it to 10.
$200 million of the new debt and approximately 79 percent of the new common stock will go to noteholders.
Current common stockholders will receive approximately 5 percent of that new stock in exchange for their existing common stock.
