U.S. Energy Loosens Grip Over Board

Law360, New York (February 15, 2008, 12:00 AM EST) -- Attempting to get its reorganization process back on track, bankrupt U.S. Energy Systems has agreed to shake up its board of directors in hopes of not getting bogged down in too much peripheral litigation over its leadership team.

On Thursday, the clean-energy company asked the U.S. Bankruptcy Court for the Southern District of New York to approve a governance agreement with Nakash Energy LLP.

U.S. Energy Systems opted to relinquish control over the makeup of the board in exchange for an end to the legal battle...
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