The Bethesda-based nuclear energy provider received approval from a majority of holders of the company’s senior unsecured notes for the bankruptcy plan, which was announced in last December.
The move forms part of the company’s plan to strengthen the company’s balance sheet, enhance its ability to sponsor the American Centrifuge project and improve its long-term business opportunities.
USEC also reached an agreement with preferred shareholders Toshiba and The Babcock & Wilcox, which hold almost 65% of the company’s debt, to support the restructuring plan.
Under the reorganisation plan, USEC would replace $530m debt and all of its preferred and common stock with a new debt issue totaling $240.4m and new common stock.
The note holders would receive $200m of the new debt and 79% of the restructured common stock.
Toshiba and the Babcock & Wilcox will each receive around $20.2m in debt and 8% of new common stock.
USEC president and CEO John Welch said the restructuring will strengthen USEC’s balance sheet and enhance the company’s ability to sponsor the American Centrifuge project.
"Throughout this process our operations will continue. We will continue to make customer deliveries, execute the RD&D program and continue progress on transitioning the Paducah GDP," added Welch.
