Energy Biogas Wins Ch. 11 Approval

Law360, New York (May 23, 2007, 12:00 AM EDT) -- The judge overseeing U.S. Energy Biogas Corp.’s bankruptcy agreed Wednesday to confirm the company’s reorganization plan, according to Peter Partee, lead counsel for USEB.

USEB is poised to exit bankruptcy on May 31, Partee said, adding that the U.S. Energy Systems Inc. subsidiary will pay its creditors in full and emerge from Chapter 11 after only six months in bankruptcy.

An $80 million financing deal with Silver Point Capital LP will fuel USEB’s emergence from bankruptcy, Partee said.

“It went from filing to consummation and exit...
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