U.S. Energy Biogas Exits Bankruptcy

Law360, New York (June 4, 2007, 12:00 AM EDT) -- Renewable energy company U.S. Energy Biogas Corp. exited Chapter 11 Friday, successfully completing its reorganization after six months under bankruptcy protection.

USEB’s parent company, U.S. Energy Systems Inc., said that major achievements of the reorganization included refinancing of an important loan with Countryside Power Income Fund, retiring almost $65 million in long term subsidy repayment obligations to the Illinois Commerce Commission, and repaying supplier and creditor invoices in full.

“USEB is a successful and very attractive business with excellent growth opportunities, and we are very pleased...
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