USEC’s Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection under the name Centrus Energy. The Court confirmed the Plan on September 5, 2014. The Company’s stock is expected to begin trading on the NYSE on September 30, 2014 under the ticker symbol LEU. USEC did not require external exit financing upon emergence. John Welch, president and chief executive officer of Centrus Energy, comments, “We have dramatically improved our capital structure by replacing $530 million in debt due this October and $114 million in preferred stock with new debt and new common stock. During this time, we met all of our customers’ needs on schedule as we have always done and achieved important performance objectives with our advanced uranium enrichment technology.” A new board of directors consisting of up to 11 directors will provide governance and strategic direction for Centrus Energy. Five members of the previous USEC board, including one member appointed by Toshiba America Nuclear Energy, and five newly-appointed directors under the confirmed and effective will comprise the new board. One seat on the board remains vacant, which may be filled by a person appointed by Babcock & Wilcox (B&W). Under the Plan, Centrus Energy will issue 9 million shares of new common stock on September 30, 2014 and will also issue new debt totaling $240.4 million that matures in five years. Subject to certain conditions, the debt can be extended an additional five years. Noteholders will receive $200 million of the new debt and approximately 79 % of the new common stock. The two preferred shareholder investors, Toshiba and B&W, will each receive $20.19 million of new debt and approximately 8% of the new common stock. Current common stockholders will receive approximately 5% of the new common stock in exchange for existing common stock. Distribution of the new common stock is subject to dilution on account of a new management incentive plan and will be made to holders of record as of September 29, 2014. Under the terms of the Plan, all previously-existing securities of USEC will be cancelled prior to the opening of trading on September 30, 2014. Current stockholders do not need to take any action to receive their shares of new common stock LEU as the new equity will be distributed electronically by Computershare, the Company’s transfer agent, or through the Depository Trust Corp. The exchange ratio is approximately 0.0917, which means 1000 shares of USU will be exchanged for approximately 92 shares of LEU. This enriched uranium fuel supplier filed for Chapter 11 protection on March 5, 2014, listing $2.2 billion in pre-petition assets.