According to the Gazette.net, a major uranium supplier in Bethesda plans to file for Chapter 11 bankruptcy in 2014.
USEC, one of Montgomery County’s largest revenue providers, will file for bankruptcy in early 2014, according to executives with the company.
Gazette.net reported that over the last 11 financial quarters, USEC has only reported a net income once. The website reported that in the first nine months of 2013, the company posted $87.2 million in losses, which was actually a decrease from $116.3 million during the same time in 2012.
The losses stem from “non-production expenses related to ceasing enrichment work at a plant in Paducah, Ky.,” the website reported.
USEC expects to file for bankruptcy in a Delaware court by March 31, but executives do not expect it to affect operations, suppliers, customers and research programs, according to Gazette.net.
The bankruptcy will allow USEC to continue to operate as it sheds debt through a financial reorganization approved by the bankruptcy court.
Locate a Maryland Bankruptcy Attorney
As the New Year approaches, you will be seeing many companies filing for Chapter 11 bankruptcy. It is common for companies and organizations to wait until the end of the financial quarter to do this. Individuals looking to file for bankruptcy have options in Chapter 13 and Chapter 7 filings, which stop collections, stop foreclosures and restructure debt.
A Chapter 7 bankruptcy allows a debtor to discharge unsecured debt, like credit card debt or medical bills, which often go unpaid when financial issues arise. In addition, a Chapter 13 bankruptcy is an excellent option for individuals who have a standard income, but have fallen behind in payments and/or are about to lose their house or car, as you can enter into a repayment play to stop the threat of repossessions.
If your financial situation is bringing you down, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.
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