USEC to seek creditors' approval for bankruptcy plan

U.S. Bankruptcy Court Judge Christopher Sontchi approved nuclear plant fuel supplier USEC's request to seek creditor votes regarding its plan to reorganize under Chapter 11 bankruptcy protection. Preferred shareholders Toshiba and Babcock & Wilcox and holders of about 65% of the company's debt support the proposed restructuring, which would allow the two companies to receive $20.2 million of the new debt and about 8% of the new stock each, while existing shareholders would get 5% of the new shares. The court expects USEC to return in September for the plan's verification.

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