U.S. Energy Biogas Deal Wins Approval

Law360, New York (February 5, 2007, 12:00 AM EST) -- U.S. Energy Biogas Inc., which was driven into bankruptcy by an onerous loan deal forged under shady circumstances, is expecting a quick exit from bankruptcy after the court overseeing its Chapter 11 proceedings approved a new pact with lender Countryside Power Income Fund.

The U.S. Bankruptcy Court in Manhattan has given the deal, which was originally revealed on January 16, the green light, according to U.S. Energy Biogas (USEB). The company said the settlement agreement would enable it to pay creditors in full, foster a speedy...
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