The United States Enrichment Corporation (USEC) was established in 1992 as a wholly-owned federal entity until it was privatized in 1998. Since being privatized, USEC has been a commercial failure – experiencing massive drops in stock prices and repeatedly downgraded credit ratings. Despite its failed record, USEC has continually benefitted from hundreds of millions of dollars in subsidies on the taxpayers’ dime. On March 5, the company filed for Chapter 11 bankruptcy protection, citing the inability to pay off its $530 million debt. Despite the bankruptcy, the Department of Energy (DOE) has continued supporting USEC’s troubled American Centrifuge Project (ACP), which is already eight years behind schedule and, in the company’s own words, has no prospects of commercial success.

The timeline below details USEC’s history of failure as a company, including revenue losses and attempts to secure the necessary funding for ACP construction. 

[i] http://www.usec.com/news/usec-reports-first-quarter-2014-results

[ii] http://www.usec.com/news/usec-reports-first-quarter-2014-results

[iii] http://www.law360.com/bankruptcy/articles/530705/doe-allots-34m-to-keep-usec-uranium-project-afloat

[iv]  http://www.usec.com/news/rdd-cooperative-agreement-american-centrifuge-program-extended-april-30

[v] http://www.usec.com/news/rdd-cooperative-agreement-american-centrifuge-program-extended-april-30

[vi] http://www.dispatch.com/content/stories/local/2014/04/03/feds-taking-over-piketon-uranium-plant.html

[vii] http://phx.corporate-ir.net/phoenix.zhtml?c=93662&p=irol-reportsannual

[viii] http://www.usec.com/news/usec-inc-implement-financial-restructuring-plan

[ix] http://www.loganandco.com/dockets/USC/USC_DKT_000001_092404_00141661_f09f619e61fc9a217326b9f88ac375.pdf

[x] http://beta.congress.gov/bill/113th-congress/house-bill/3547

[xi] http://docs.house.gov/billsthisweek/20140113/113-HR3547-JSOM-D-F.pdf

[xii] http://www.usec.com/news/department-energy-prepared-extend-american-centrifuge-rdd-program-three-months

[xiii] https://www.moodys.com/research/Moodys-downgrades-USEC-to-Ca–PR_289306

[xiv] http://www.usec.com/news/usec-inc-reaches-agreement-noteholder-group-move-forward-balance-sheet-restructuring

[xv] http://www.usec.com/news/usec-announces-1-25-reverse-stock-split

[xvi]http://www.world-nuclear-news.org/ENF_Paducah_enrichment_plant_to_be_closed_2805132.html

[xvii] http://www.gao.gov/products/GAO-13-331R

[xviii] http://phx.corporate-ir.net/phoenix.zhtml?c=93662&p=irol-reportsannual

[xix] http://www.usec.com/news/usec-provides-american-centrifuge-update-0

[xx] http://beta.congress.gov/112/plaws/publ175/PLAW-112publ175.pdf

[xxi] http://services.corporate-ir.net/SEC/Document.Service?id=P3VybD1hSFIwY0RvdkwyRndhUzUwWlc1cmQybDZZWEprTG1OdmJTOWtiM2R1Ykc5aFpDNXdhSEEvWVdOMGFXOXVQVkJFUmlacGNHRm5aVDA0TWpNMU5qWTJKbk4xWW5OcFpEMDFOdz09JnR5cGU9MiZmbj1VU0VDSW5jLnBkZg==

[xxii] http://www.usec.com/news/usec-and-doe-sign-350-million-cooperative-agreement-american-centrifuge-research-development-an

[xxiii] http://www.usec.com/news/usec-receives-continued-listing-standards-notice-new-york-stock-exchange

[xxiv] http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NTE1MDM1fENoaWxkSUQ9MTk2OTU5fFR5cGU9MQ==&t=1

[xxv] http://phx.corporate-ir.net/phoenix.zhtml?c=93662&p=irol-reportsannual

[xxvi] http://www.gpo.gov/fdsys/pkg/CHRG-112hhrg81415/html/CHRG-112hhrg81415.htm

[xxvii] http://www.usec.com/news/usec-submits-update-loan-guarantee-application

[xxviii] http://www.energy.gov/management/office-management/operational-management/history/doe-history-timeline/timeline-events-8

[xxix] http://www.usec.com/american-centrifuge/what-american-centrifuge/rdd-program

[xxx] https://www.moodys.com/research/Moodys-lowers-USECs-ratings-CFR-to-Caa1-developing-outlook–PR_192289

[xxxi] http://www.energy.gov/articles/department-energy-and-usec-announce-decision-delay-usec-loan-guarantee-application-final

[xxxii] http://www.usec.com/sites/usec.com/files/Boehner%202009%2010%2027.pdf

[xxxiii] http://www.usec.com/news/department-energy-denies-usec%E2%80%99s-loan-guarantee-application

[xxxiv] http://www.usec.com/news/usec-pursue-discussions-loan-guarantee

[xxxv] http://www.usec.com/news/usec-inc-submits-second-part-doe-loan-guarantee-application

[xxxvi] http://www.usec.com/news/usec-inc-submits-application-doe-loan-guarantee

[xxxvii] http://www.usec.com/news/usec-updates-progress-american-centrifuge-project

[xxxviii] http://www.usec.com/news/usec-begins-construction-american-centrifuge-plant

[xxxix] https://www.moodys.com/research/Moodys-downgrades-USEC-ratings-CFR-to-B3-outlook-negative–PR_131680

[xl] http://www.usec.com/news/usec-receives-american-centrifuge-plant-license

[xli] http://www.usec.com/news/usec-updates-cost-estimate-and-schedule-american-centrifuge-plant

[xlii] http://www.usec.com/news/usec-signs-american-centrifuge-plant-lease-and-technology-license

[xliii] https://www.moodys.com/research/MOODYS-DOWNGRADES-USECS-RATINGS-SR-UNSEC-TO-B2-OUTLOOK-STABLE–PR_98342

[xliv] https://www.moodys.com/research/MOODYS-LOWERS-USECs-SR-UNSECD-RATING-TO-Ba3-FROM-Ba2–PR_84252

[xlv] http://www.usec.com/news/usec-files-application-nrc-license-american-centrifuge-plant

[xlvi] http://www.usec.com/news/usec-site-american-centrifuge-plant-piketon-ohio

[xlvii] http://www.usec.com/news/usec-site-american-centrifuge-plant-piketon-ohio

[xlviii] https://www.moodys.com/research/MOODYS-DOWNGRADES-SENIOR-UNSECURED-DEBT-RATINGS-OF-USEC-TO-Ba2–PR_61805

[xlix] http://www.usec.com/news/usec-and-us-energy-department-sign-accord

[l] http://pbadupws.nrc.gov/docs/ML0826/ML082620253.pdf

[li] https://www.moodys.com/research/MOODYS-CONFIRMS-USECS-RATINGS-SENIOR-UNSECURED-AT-Ba1-OUTLOOK-NEGATIVE–PR_45624

[lii] https://www.moodys.com/research/MOODYS-DOWNGRADES-USEC-INCS-SENIOR-UNSECURED-GUARANTEED-BANK-CREDIT-FACILITY–PR_34769

[liii] http://www.usec.com/gaseous-diffusion/paducah-gdp/paducah-history

[liv] https://www.moodys.com/research/MOODYS-ASSIGNS-Baa1-AND-PRIME-2-RATINGS-TO-OBLIGATIONS-OF–PR_25025

[lv] http://assets.opencrs.com/rpts/IB88090_20011107.pdf