USEC investors push deadline again

News

USEC investors push deadline again

Portsmouth Daily Times – With Monday’s announcement by USEC that Toshiba and Babcock & Wilcox Investment Company will extend the timeline to secure funding until Sept. 30, U.S. Sen. Sherrod Brown, D-Ohio, is urging the Obama administration to consider the critical role that the American Centrifuge Project plays in the nation’s security when examining USEC’s loan guarantee application.

“Time and time again, the Obama administration has demonstrated its commitment to this project that is critical to our nation’s security and southern Ohio’s economic stability,” Brown said. “Before approving the loan, the administration is committed to a thorough review in order to protect taxpayer investments. But I hope it will conclude its work soon, award the guarantee, and bring more new jobs to southern Ohio.”

Originally, USEC had set June 30 as the cutoff date for when the two financial partners would cut their losses and pull out of the project. Then, the company extended the date to the middle of August, and as that time period came this week, made the announcement the partners would give the situation a little more time.

“We now have another month-and-a-half, six weeks or so to continue working with our two strategic investors — Toshiba and Babcock & Wilcox — and the Department of Energy on the issues we outlined in our recent quarterly financial report a week-and-a-half or so ago, where we said the Department of Energy is looking for additional operational and financial depths,” said Paul Jacobson, vice president of Communications at USEC. “And we’re looking at ways of addressing that. Our vision for doing that is in weeks, not years. We have, by virtue of the extension, continued to get strong support from Toshiba and Babcock & Wilcox for the project.”

Jacobson said USEC has discerned from their discussions with the government that they want to see the ACP succeed as well, but they have some additional issues they want the company to work on.

Read the whole article »