USEC $20 million interim DIP loan approved; final hearing April 21

By Caroline Salls

Pittsburgh, March 6 - USEC Inc. received court approval to use $20 million of its proposed $50 million of debtor-in-possession financing from United States Enrichment Corp. on an interim basis, according to a March 6 filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for April 21.

The company said the financing will support continued operations.

Interest on the DIP loan will be Prime rate plus 725 basis points.

The facility will mature on the earlier of 120 days from the bankruptcy filing date and the plan of reorganization effective date.

USEC, a Bethesda, Md.-based supplier of nuclear fuel and advanced technology services, filed bankruptcy on March 5. The Chapter 11 case number is 14-10475.

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