USEC gets court authorization to employ interim management and CRO

By Kali Hays

New York, April 10 - USEC Inc. gained court approval to hire AP Services, LLC for interim management services and John R. Castellano of Alix Partners, the parent company of AP Services, as its chief restructuring officer, according to a Wednesday order with the U.S. Bankruptcy Court for the District of Delaware.

Both hirings are retroactive to March 5.

AP Services and Castellano have been employed by the company since October 2013.

The company said that it has "benefited from the experience and reputation of APS since its retention and desires to continue to do so during the pendency of its Chapter 11 case," according to the motion.

Castellano has "over 15 years of experience working on many large restructurings and bankruptcies" and has "extensive experience in treasury operations, liquidity management, financial accounting and reporting, reorganization, as well as cost-reduction initiatives," the motion stated.

AP Services and Castellano will work collaboratively in assisting the company in managing due diligence requests, evaluating liquidity requirements, complying with bankruptcy administration requirements, evaluating potential business plans and on overall business strategy.

Castellano will be paid an hourly rate of $940 and other temporary employees provided by AP Services will be paid an hourly rate between $335 and $1,010.

AP Services will also be paid a $500,000 "success fee" for any successfully completed, merger, consolidation, debt restructuring or recapitalization, and upon the confirmation of a Chapter 11 plan of reorganization or liquidation.

USEC, a Bethesda, Md.-based supplier of nuclear fuel and advanced technology services, filed bankruptcy on March 5. The Chapter 11 case number is 14-10475.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.