Has the bottom fallen out of one of the signature projects at the Chalk River Laboratories?
Ultra Safe Nuclear Corporation, the parent company of Global First Power, has filed for bankruptcy protection in the United States.
Global First Power is the proponent behind a proposed “micro modular reactor” (MMR) planned for the Chalk River site.
In a statement last week, Ultra Safe Nuclear Corporation (USNC) said it has filed for Chapter 11 bankruptcy protection to allow for a sale of its assets.
USNC said it has obtained “debtor in possession” financing that “following court approval, adequately supports its business operations and satisfies its obligations during the court-supervised process.”
The company said it has also entered into a purchase agreement with Standard Nuclear Inc to serve as a “stalking horse bidder” to buy the company’s assets for $28 million US if no higher bidder comes forward.
All of this means the company will “maintain full operational continuity across its projects” while the proceedings play out, it says.
“Ultra Safe Nuclear remains steadfast in its dedication to bringing safe, commercially competitive, clean and reliable nuclear energy to global power and industrial markets,” Kirk Edwards, chairman of USNC’s board of directors, said in the statement…
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