GBGH Plan To Expand Drilling, Restructure Approved

Law360, New York (May 26, 2009, 12:00 AM EDT) -- U.S. Energy Systems Inc. subsidiary GBGH LLC has won approval of its reorganization plan, which calls for the company to expand its gas drilling operations in the U.K. and provides partial recovery for secured creditors.

Judge Robert D. Drain, of the U.S. Bankruptcy Court for the Southern District of New York, ruled Tuesday that the plan, which was filed May 1, can be confirmed under the Bankruptcy Code, and gave GBGH the green light to begin implementing it.

Only two classes of creditors — holders of...
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