U.S. Energy Mulls $9M Offer To Buy Unit

Law360, New York (August 6, 2007, 12:00 AM EDT) -- Facing mounting financial troubles, U.S. Energy Systems Inc. is mulling a $9 million offer from Silver Point Finance LLC to buy subsidiary U.S. Energy Biogas Corp., less than three months after the renewable energy unit emerged from bankruptcy.

On Friday, U.S. Energy revealed in a filing with the U.S. Securities and Exchange Commission that it had executed a letter of intent submitted by Silver Point to acquire the unit in an all-cash, 100% acquisition.

The hedge fund tried to sweeten the deal further by indicating that...
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