UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
USEC INC.
(Name of Issuer)
Common Stock, $.10 par value
(Title of Class of Securities)
90333E108
(CUSIP Number)
December 31, 2005
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant
to which this Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 90333E108 13G/A Page 2 of 14
- -----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
King Street Capital, L.P.
13-3812174
- -----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [x]
- -----------------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES
-------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY _____________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
0
- -----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.0%
- -----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON
PN
- -----------------------------------------------------------------------------
CUSIP No. 90333E108 13G/A Page 3 of 14
- -----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
King Street Capital, Ltd.
- -----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [x]
- -----------------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
- -----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES
-------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY _____________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
0
- -----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.0%
- -----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON
CO
- -----------------------------------------------------------------------------
CUSIP No. 90333E108 13G/A Page 4 of 14
- -----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
King Street Institutional, Ltd.
- -----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [x]
- -----------------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
- -----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES
-------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY -------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
0
- -----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.0%
- -----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON
CO
- -----------------------------------------------------------------------------
CUSIP No. 90333E108 13G/A Page 5 of 14
- -----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
King Street Advisors, L.L.C.
13-3812173
- -----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [x]
- -----------------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES
-------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY _____________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
0
- -----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.0%
- -----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON
OO, IA
- -----------------------------------------------------------------------------
CUSIP No. 90333E108 13G/A Page 6 of 14
- -----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
King Street Capital Management, L.L.C.
13-3978904
- -----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [x]
- -----------------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES
-------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY _____________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
0
- -----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.0%
- -----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON
OO, IA
- -----------------------------------------------------------------------------
CUSIP No. 90333E108 13G/A Page 7 of 14
- -----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
O. Francis Biondi, Jr.
- -----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [x]
- -----------------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- -----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES
-------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY _____________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
0
- -----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.0%
- -----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON
IN
- -----------------------------------------------------------------------------
CUSIP No. 90333E108 13G/A Page 8 of 14
- -----------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Brian J. Higgins
- -----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [x]
- -----------------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- -----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES
-------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY _____________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
0
- -----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.0%
- -----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON
IN
- -----------------------------------------------------------------------------
CUSIP No. 90333E108 13G/A Page 9 of 14
ITEM 1(a). NAME OF ISSUER:
USEC Inc.
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
2 Democracy Center
6903 Rockledge Drive
Bethesda, Maryland 20817
Item 2(a). Name of Person Filing:
This schedule is being jointly filed by King Street Capital, L.P.
("KSC L.P."), King Street Capital Ltd. ("KSC Ltd."), King Street Institutional,
Ltd. ("KSI Ltd."), King Street Advisors, L.L.C. ("KSA"), King Street Capital
Management, L.L.C. ("KSCM"), O. Francis Biondi, Jr. and Brian J. Higgins. KSC
L.P., KSC Ltd., KSA, KSCM and Messrs. Biondi and Higgins are collectively
referred to herein as "Reporting Persons".
(b). Address of Principal Business Office, or if None, Residence:
The principal business address of KSC Ltd. and KSI Ltd. is:
c/o Walkers Chambers
P.O. Box 92
Road Town, Tortola
British Virgin Islands
The principal business address of each of the other Reporting
Persons is:
65 East 55th Street
30th Floor
New York, New York 10022
(c). Citizenship:
Messrs. Biondi and Higgins are both United States citizens. KSC Ltd.
and KSI Ltd. are organized under the laws of the British Virgin Islands. Each of
the other Reporting Persons is organized under the laws of the State of
Delaware, U.S.A.
ITEM 2(d). TITLE OF CLASS OF SECURITIES: Common Stock, par value $.10 per
share (the "Common Stock").
ITEM 2(e). CUSIP NUMBER: 90333E108
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO 13d-1(b) OR 13d-2(b) OR (c),
CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or dealer registered under Section 15 of the Act
(b) [ ] Bank as defined in Section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act
CUSIP No. 90333E108 13G/A Page 10 of 14
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940
(e) [ ] Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940: see Rule 13d- 1(b)(1)(ii)(E)
(f) [ ] Employee Benefit Plan, Pension Fund which is subject to
the provisions of the Employee Retirement Income Security
Act of 1974 or Endowment Fund; see Rule 13d-1(b)(1)(ii)(F)
(g) [ ] Parent Holding Company, in accordance with Rule
13d-1(b)(ii)(G);
(h) [ ] Savings Associations as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act of 1940;
(j) ( ) Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
ITEM 4. OWNERSHIP.
A. KSC L.P.
(a) Amount beneficially owned: -0-
(b) Percent of class: 0%.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: -0-
B. KSC LTD.
(a) Amount beneficially owned: -0-
(b) Percent of class: 0%.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: -0-
C. KSI LTD.
(a) Amount beneficially owned: -0-
(b) Percent of class: 0%.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -0-
CUSIP No. 90333E108 13G/A Page 11 of 14
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: -0-
222,268 shares of the Common Stock were transferred to KSI Ltd. on April 1,
2005. KSI Ltd. sold all of its shares throughout 2005 and as of December 31,
2005, held no shares of the Common Stock.
D. KSA
(a) Amount beneficially owned: -0-
(b) Percent of class: 0%.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: -0-
E. KSCM
(a) Amount beneficially owned: -0-
(b) Percent of class: 0%.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: -0-
F. O. FRANCIS BIONDI, JR.
(a) Amount beneficially owned: -0-
(b) Percent of class: 0%.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: -0-
G. BRIAN J. HIGGINS
(a) Amount beneficially owned: -0-
(b) Percent of class: 0%.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: -0-
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
If this statement is being filed to report the fact that as of the
date hereof the Reporting Persons have ceased to be the beneficial
owner of more than five percent of the class of securities, check
the following [x].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
CUSIP No. 90333E108 13G/A Page 12 of 14
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATION. (if filing pursuant to Rule 13d-1(c))
Each of the Reporting Persons hereby make the following
certification:
By signing below each Reporting Person certifies that, to the best of
its knowledge and belief, the securities referred to above were not acquired and
are not held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and not held
in connection with or as a participant in any transaction having that purpose or
effect.
CUSIP No. 90333E108 13G/A Page 13 of 14
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: February 6, 2006
--------------------
King Street Capital, L.P.*
By: King Street Advisors, L.L.C.,
its general partner
By: /s/ Brian J. Higgins
------------------------
Name: Brian J. Higgins
Title: Managing Member
King Street Capital, Ltd.*
By: King Street Capital Management, L.L.C.,
its investment manager
By: /s/ Brian J. Higgins
------------------------
Name: Brian J. Higgins
Title: Managing Principal
King Street Institutional, Ltd.*
By: King Street Capital Management, L.L.C.,
its investment manager
By: /s/ Brian J. Higgins
------------------------
Name: Brian J. Higgins
Title: Managing Principal
King Street Advisors, L.L.C.*
By: /s/ Brian J. Higgins
------------------------
Name: Brian J. Higgins
Title: Managing Member
King Street Capital Management, L.L.C.*
By: /s/ Brian J. Higgins
------------------------
Name: Brian J. Higgins
Title: Managing Principal
/s/ Brian J. Higgins
- - -------------------------
Brian J. Higgins*
/s/ O. Francis Biondi, Jr.
- - -------------------------
O. Francis Biondi, Jr.*
CUSIP No. 90333E108 13G/A Page 14 of 14
* The Reporting Persons disclaim beneficial ownership over the Common Stock
reported herein except to the extent of its or his pecuniary interest therein.
The original statement shall be signed by each person on whose behalf the
statement is filed or his authorized representative. If the statement is signed
on behalf of a person by his authorized representative other than an executive
officer or general partner of the filing person, evidence of the
representative's authority to sign on behalf of such person shall be filed with
this statement, provided, however, that a power of attorney, for this purpose
which is already on file with the Commission may be incorporated by
reference. The name and any title of each person who signs the statement shall
be typed or printed beneath his signature.
Note. Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See s.240.13d-7 for other
parties for whom copies are to be sent.
Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).