Oak Ridge Today

Formerly USEC, now Centrus Energy, company emerges from bankruptcy

Posted at
By Leave a Comment

American Centrifuge Technology Manufacturing Center

The American Centrifuge Technology Manufacturing Center in south Oak Ridge is pictured above. (Photo courtesy USEC/Centrus Energy Corp.)

Centrus Energy Corporation announced this week that it has satisfied all the conditions to emerge from a Chapter 11 bankruptcy. The conditions were outlined in a reorganization plan approved by the U.S. Bankruptcy Court for the District of Delaware on September 5.

The plan became effective Tuesday, and Centrus, formerly known as USEC Incorporated, emerged from the restructuring in a “stronger position to supply customers with nuclear fuel and support the energy and national security needs of the United States,” a press release said.

Centrus stock was expected to begin trading on the New York Stock Exchange on Tuesday 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 release said. The company had maintained its NYSE listing throughout the Chapter 11 process. [Read more…]

USEC: ORNL extends American Centrifuge demonstration program into 2015

Posted at
By Leave a Comment

American Centrifuge Technology Manufacturing Center

The American Centrifuge Technology Manufacturing Center in south Oak Ridge is pictured above. (Photos courtesy USEC)

Oak Ridge National Laboratory has exercised an option to extend the American Centrifuge demonstration program into 2015, USEC announced Wednesday.

The announcement was included in a report on second quarter results, when the uranium enrichment company had a net loss of $28 million. USEC, which has operations in Oak Ridge, is undergoing a Chapter 11 bankruptcy and is turning over its gaseous diffusion plant in Paducah, Kentucky, to the U.S. Department of Energy.

Funding for the next-generation American Centrifuge activities was previously provided under a cooperative agreement with the U.S. Department of Energy. Under that cost-sharing agreement, DOE provided 80 percent of the funding, and USEC provided 20 percent for research, development, and demonstration work performed from June 1, 2012, through April 30, 2014, when the agreement expired.

On May 1, USEC signed a new agreement with UT-Battelle, which manages and operates ORNL for DOE. The agreement was called the American Centrifuge Technology Demonstration and Operations, or ACTDO, agreement, and it allows for continued cascade operations and the continuation of core American Centrifuge research and technology activities and the furnishing of related reports to ORNL, USEC said in its quarterly report.

On July 31, ORNL exercised its option to extend the period of performance for the ACTDO Agreement by an additional six months to March 31, 2015. The agreement also provides ORNL with one additional option to extend the agreement by six months to September 30, 2015. [Read more…]

More than 100 jobs terminated as B&W work on USEC centrifuge project ends

Posted at
By Leave a Comment

American Centrifuge Technology Manufacturing Center

The American Centrifuge Technology Manufacturing Center in south Oak Ridge is pictured above. (Photos courtesy USEC)

But hundreds of jobs maintained in Ohio and Tennessee, USEC says

Babcock and Wilcox has terminated the employment of more than 100 workers who had been involved in the American Centrifuge project with USEC, and Monday was the last day of work for most of them, a spokesperson said.

“B&W’s involvement in the American Centrifuge Manufacturing LLC has transitioned fully to USEC, which will result in the termination of all 122 employees B&W had engaged in the effort,” said Aimee Mills, B&W media relations lead.

Mills said roughly 25 employees will be released during the next two months as the “final steps of demobilization take place” on the advanced uranium enrichment project, which has included centrifuge manufacturing in Oak Ridge and the American Centrifuge Plant in Piketon, Ohio.

“Some of those affected have been reassigned within B&W,” Mills said. “We have also provided assistance by way of job fairs and workshops to update resumes.”

Meanwhile, USEC has notified a small group of its Oak Ridge employees who worked on manufacturing activities that they would be laid off, Communications Manager Jeremy Derryberry said Tuesday. Several were transferred to other parts of the centrifuge program. [Read more…]

USEC bankruptcy filing won’t affect daily operations in Oak Ridge, company says

Posted at
By Leave a Comment

Centrifuge Machine Manufacturing

In Oak Ridge, USEC workers take part in centrifuge operations, testing, and manufacturing for the American Centrifuge Project. (Photos courtesy USEC)

The Chapter 11 bankruptcy filing and financial restructuring plan that USEC Inc. announced last week will not affect daily operations in Oak Ridge or the American Centrifuge Project, a company spokesman said Monday.

The bankruptcy filing and financial plan are a restructuring of the balance sheet of the parent company, USEC Inc., spokesman Paul Jacobson said. He said the company is trying to strengthen its balance sheet and be a stronger sponsor of the American Centrifuge Project, a “next-generation” U.S. uranium enrichment technology. USEC Inc. is a global energy company that is a leading supplier of enriched uranium fuel for commercial nuclear power plants.

The company currently has 304 people working on the centrifuge program in Tennessee. In Oak Ridge, workers take part in centrifuge operations, testing, and manufacturing.

“This plan for restructuring our debt and equity will have no effect on our employees, who will continue to receive paychecks and benefits in the ordinary course,” Jacobson said. “As we have communicated to our employees previously, some employees will be impacted by several ongoing initiatives that are unrelated to the restructuring.” [Read more…]