Item 8.01 Other Events.
On August 18, 2014, USEC Inc. ("USEC") issued a press release announcing the
results of voting by holders of its convertible notes. The Plan of
Reorganization ("Plan") was accepted by more than 99 percent in both value of
the notes and the number of votes cast. In addition, both holders of the
Company's preferred equity voted in favor of the plan. A copy of the press
release is attached as Exhibit 99.1 and is incorporated herein by reference.
As previously reported on Form 8-K, on March 5, 2014 (the "Petition Date"), the
Company filed a voluntary petition seeking reorganization relief under Chapter
11 of Title 11 of the United States Code (the "Bankruptcy Code") in the United
States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court" and
such case, the "Bankruptcy Case"). The Bankruptcy Case is being administered
under the caption "In re: USEC Inc., Debtor" Case No. 14-10475. The Company's
subsidiaries (collectively, the "Non-Filing Entities"), including the United
States Enrichment Corporation which is USEC's primary operating subsidiary, are
not debtors in the Bankruptcy Case. The Company will continue to operate its
business as "debtor-in-possession" under the jurisdiction of the Bankruptcy
Court and in accordance with the applicable provisions of the Bankruptcy Code
and the orders of the Bankruptcy Court. The Non-Filing Entities will continue to
operate in the ordinary course of business.
The next step in the Chapter 11 process will be a confirmation hearing in the
Bankruptcy Court on September 5, 2014. If the Plan is approved by the Bankruptcy
Court, USEC would anticipate emerging from Chapter 11 protection shortly
thereafter although, its emergence remains subject to, among other things,
satisfaction of all conditions for emergence established under the Plan of
Cautionary Statement Regarding Forward-Looking Statements
This current report on Form 8-K contains "forward-looking statements" within the
meaning of Section 21E of the Securities Exchange Act of 1934 - that is,
statements related to future events. In this context, forward-looking statements
may address our expected future business and financial performance, and often
contain words such as "anticipates", "will be" and other words of similar
meaning. Forward-looking statements by their nature address matters that are, to
different degrees, uncertain. For USEC, particular risks and uncertainties that
could cause our actual future results to differ materially from those expressed
in our forward-looking statements. With respect to USEC's expectations
concerning the timing of the confirmation of its Plan of Reorganization by the
bankruptcy court and/or its emergence from Chapter 11, such timing is subject to
a number of uncertainties, some of which are outside the company's control,
including, but are not limited to, the impact of and risks related to USEC
Inc.'s "pre-arranged" case under Chapter 11 of the bankruptcy code including
risks related to obtaining approval and confirmation of USEC Inc.'s plan of
reorganization, the Company's ability to satisfy the conditions for emergence,
and the impact of any and other risks and uncertainties discussed in our filings
with the Securities and Exchange Commission, including our Annual Report on Form
10-K and quarterly reports on Form 10-Q, which are available on our website
www.usec.com. We do not undertake to update our forward-looking statements
except as required by law.
Item 9.01 Financial Statements and Exhibits.
99.1 Press release dated August 18, 2014 issued by USEC Inc.