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June 2012
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Change of name will not affect USEC subsidiaries

BY DAVID ZOELLER dzoeller@paducahsun.com

A proposed name change for parent company USEC Inc. will have no effect on the operation of its subsidiary at the Paducah Gaseous Diffusion Plant.

According to Paul Jacobson, spokesman for USEC Inc. in Bethesda, Maryland, the parent company made a supplemental filing last week to the financial reorganization plan it filed on March 5 in the U.S. Bankruptcy Court for the District of Delaware.

Votes to approve the plan from holders of convertible notes (bonds that can be converted into shares) and two preferred shareholders are being tallied, Jacobson said, and will be registered with the court. A confirmation hearing is set for Sept. 5 in Wilmington, Delaware.

Once the court approves the reorganization plan, USEC Inc. will change its name to Centrus Energy Corporation.

"The name change signals the beginning of a new era for a reorganized company," Jacobson said.

The name change will have no impact on any of the company's subsidiaries, including the one winding down operations at the PGDP and the anticipated de-leasing and return of the facilities to the U.S. Department of Energy on Oct. 1. The local subsidiary will continue under the name United States Enrichment Corporation, Jacobson said.

"We've communicated that (parent company name change) to all our employees," Jacobson said. "That was made clear last week."

United States Enrichment Corporation took over direct operations of the Paducah plant in May 1999. It announced in May 2013 it would close after the DOE did not approve an extension on its uranium enrichment operations at the plant.

The DOE announced last month the selection of Fluor Federal Services Inc. as the contractor to oversee cleanup operations at the plant.

In addition to the operations at the Paducah plant, the parent company has several other subsidiaries, most of which are connected to centrifuge technology at facilities in Piketon, Ohio, and Oak Ridge, Tennessee, Jacobson said.

Contact David Zoeller, a Paducah Sun staff writer, at 270-575-8676.

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