US Energy Plan Gets OK From Court, Creditors

Law360, New York (October 13, 2010, 1:27 PM EDT) -- U.S. Energy Systems Inc.'s liquidation plan, which provides for a full recovery for secured creditors and encountered no opposition from unsecured creditors, has won approval from a bankruptcy court.

Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York signed off on the plan Tuesday. The judge held a confirmation hearing Oct. 5.

Avon, Conn.-based U.S. Energy has already sold substantially all its assets. Distributions under the plan should be completed by the end of the year, said Scott Bernstein,...
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