USEC's own 2013 Form 10-K states its Chapter 11 filing was to restructure its balance sheet and refinance $530 million in maturing convertible notes — not a response to Russian LEU competition

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USEC Inc. filed for Chapter 11 bankruptcy protection on March 5, 2014. The company's own FY2013 Form 10-K, signed March 31, 2014 — under four weeks later — gives a specific, mundane account of the filing's purpose, stating in its going-concern discussion that "we have filed a petition under Chapter 11 to restructure our balance sheet" (a Risk Factors heading opens the same way: "USEC Inc. has filed a petition under Chapter 11 of the U.S. Bankruptcy Code (the 'Chapter 11 Case') to restructure its balance sheet which could disrupt our business..."). The mechanism is named explicitly: "USEC Inc. will replace the approximately $530 million of Convertible Notes that are scheduled to mature in October 2014 with new debt and equity." The filing was pre-arranged, backed by holders of roughly 65% of the notes' principal, alongside agreements with strategic investors Babcock & Wilcox and Toshiba America Nuclear Energy Corporation to restructure their preferred equity.

Nowhere in the 10-K's own account of the Chapter 11 filing or its stated purpose does USEC attribute the filing to competition from the cheap Russian LEU it imported and sold under Megatons to Megawatts. This complicates — without simply refuting — the framing in claim-cheap-russian-leu-undercut-usec-american-centrifuge-2014-bankruptcy, which draws on a Tier-2 paraphrase. It directly answers question-verify-usec-2014-bankruptcy-russian-leu-primary. A parallel, market-driven mechanism (post-Fukushima LEU oversupply) is treated separately in claim-usec-10k-attributes-acp-nonviability-to-post-fukushima-oversupply.