Nuclear power plant fuel supplier USEC Inc. was cleared Monday to start polling creditors on a chapter 11 bankruptcy plan that would put the U.S. government contractor into the hands of bondholders, the Wall Street Journal reported today. Bankruptcy Judge Christopher Sontchi signed off on voting materials for USEC's restructuring at a court hearing. Once the ballots are in, the company is expected to return to court in September to seek confirmation of the chapter 11 plan. USEC has been negotiating with the U.S. Department of Energy to continue the government support that has sustained it for years, pursuing a loan guarantee, which hasn't been forthcoming. The company is also awaiting action from Congress for continued funding under a contract for the American Centrifuge Project, court papers say. Under a major research and development agreement, the DOE funded 80 percent of the cost of the project, a plant in Ohio that uses advanced U.S. government centrifuge technology to produce nuclear power plant fuel. USEC's role in the project has been cut back, and the cost-sharing replaced by a reduced agreement.
