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…]