WASHINGTON — The massive $1.1 trillion spending bill approved yesterday by Congress includes $118 million for the soon-to-be bankrupt company that wants to launch a uranium-enrichment facility in southeastern Ohio.
USEC, the Maryland-based company that wants to build the plant in Piketon, signaled in December that it would declare bankruptcy during the first quarter of 2014.
But a company spokesman said the company has plenty of liquidity, and it is declaring bankruptcy to restructure about $530 million in bonds that were scheduled to mature in October 2014.
“We are operating our business,” said Paul Jacobson, a spokesman for USEC. “There’s no risk to the taxpayers here, and this is about continuing the program so it’s ready should a national security need arise.”
To read the full article, please click the source link below: