U.K. Expansion May Drive U.S. Energy To Bankruptcy

Law360, New York (June 25, 2007, 12:00 AM EDT) -- Clean energy company U.S. Energy Systems Inc. announced on Monday that it may face bankruptcy later this year, largely due to its recent expansion of its natural gas services in the United Kingdom.

U.S. Energy, which owns power plants and gas production facilities throughout the U.S. and U.K., made a 12-year deal to sell gas and electricity to a Scottish power company in 2006. As part of that deal, it acquired development rights to several gas fields and to a gas-fired power plant in northern England....
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