US-based Ultra Safe Nuclear Corporation (USNC), a developer of microreactor technology and advanced nuclear fuel, has filed for Chapter 11 bankruptcy with estimated liabilities shown in court documents of $50m to $100m (€46m to €92m).
The company said the move signals a restructuring phase through which it will seek to secure new ownership while ensuring uninterrupted operations.
Chapter 11 is a court-supervised bankruptcy code chapter in the US that allows debtors to reorganize or liquidate their assets and liabilities.
The company’s filings on 29 October at the US Bankruptcy Court for the District of Delaware include its key subsidiaries: USNC-Power Ltd, which develops the company’s flagship 5-MW Micro Modular Reactor (MMR) technology; Global First Power Limited (GFP), focused on nuclear project development within Canadian markets; and USNC-Technologies, which leads USNC’s nuclear technology research and development initiatives.
USNC said it will maintain full operational continuity across its projects, including the deployment of its MMR systems in the US and Canada, large-scale production of Triso-based advanced nuclear fuels, and the fulfilment of space and defence projects for multiple US government agencies.
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