Seeking Alpha

USEC may furlough workers if shutdown extends past Oct. 15

  • USEC (USU +3.9%) says it has enough funds to run its American Centrifuge uranium enrichment project in Ohio for two more weeks and may have to furlough employees if the U.S. government shutdown extends beyond Oct. 15.
  • USEC needs ~$48M to complete the $350M project, which is majority funded by the Department of Energy.
Comments (3)
  • J Mintzmyer
    , contributor
    Comments (3663) | Send Message
     
    They need $48M to complete the $350M segment of the research and demonstration portion of the project. The actual project will cost several $B to complete. Big difference.
    2 Oct 2013, 12:59 PM Reply Like
  • warrenrial
    , contributor
    Comments (559) | Send Message
     
    Just another waste of tax payer money.
    2 Oct 2013, 01:17 PM Reply Like
  • User 14893532
    , contributor
    Comment (1) | Send Message
     
    USEC's $530 million bond debt comes due Oct. 1, 2014, which means it now shows as a current liability, which perhaps explains why USEC has not announced renewal of its credit facility which expired in September. USEC has no announced plan to make good on its bond debt, since it is minimally many years away from completion of a new commercial enrichment facility, a project with escalating costs and no feasible financing plan.

     

    That is to say, the company is shutting down. That it wants to squeeze another $48 million out of the government at a time when the government cannot afford essential services should be regarded as treasonous.
    2 Oct 2013, 03:30 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector