USEC Inc. Sets Effective Date For Emergence From Chapter 11
USEC Inc. (NYSE: USU) today announced that it expects to complete the final steps necessary to emerge from its Chapter 11 restructuring on September 30, 2014, under the name Centrus Energy Corp. The Company's new common stock shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “LEU” on that date.
The Company's Plan of Reorganization was confirmed on September 5, which was the last major court action in the Chapter 11 bankruptcy process that USEC began March 5, 2014. Details relating to the cancellation of existing securities (including USU common stock, preferred stock and notes) and the issuance of new LEU common stock and new notes are set forth in the Company's Plan of Reorganization, which is summarized in and attached to a Form 8-K filing issued by the Company on September 5. Holders of record as of September 29 do not need to take any action as the existing securities are expected to be cancelled prior to the opening of trading on September 30, and new securities will be distributed electronically through the Depository Trust Corp. or the Company's transfer agent Computershare on September 30.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.