USEC reports loss of $50.8M in 1st quarter

USEC Inc. today reported a net loss of $50.8 million in the first quarter of 2014. That compares to a $2M loss in the same quarter a year ago. The company said the loss reflects a loss of revenue associated with the shutdown of the Paducah Gaseous Diffusion Plant in second quarter of 2013. USEC said it’s going through a transition and expects to emerge from Chapter 11 bankruptcy in the summer.

“As a result of the bankruptcy filing, the realization of assets and the satisfaction of liabilities are subject to uncertainty,” the company said. “While operating as a debtor-in-possession under Chapter 11, USEC Inc. may sell or otherwise dispose of or liquidate assets or settle liabilities, subject to the approval of the bankruptcy court . . . ”

Here’s a link to the USEC release.

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About Frank Munger

Senior Writer Frank Munger covers the Dept. of Energy's Oak Ridge facilities and many related topics — nuclear weapons, nuclear waste and other things nuclear, environmental cleanup and science of all sorts. Atomic City Underground is, first and foremost, a news blog, but there's room for analysis, opinion and random thoughts that have no place else to go.