Wednesday, December 18, 2013

Solyndra-like USEC to file for bankruptcy, wants $750m more from DOE

By LUKE ROSIAK
The United States Enrichment Corp., the nuclear enrichment company that has drained billions of dollars from federal coffers and churned through investors’ money with a series of failing business plans propped up by extensive political connections, lobbying and campaign connections, will file for bankruptcy, it announced Monday.
But that will not be the end of the Solyndra-like taxpayer-subsidized project detailed in a Washington Examiner series last month: After asking not to have to repay more than $500 million in debt, it plans to re-borrow hundreds of millions from elsewhere and move forward, asking investors to place their bets on a never-before-mentioned $750 million from the Department of Energy that the company says may be coming.....To Read More....

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