U.S. Energy Files Ch. 11 Reorganization Plan

Law360 (August 25, 2008, 12:00 AM EDT) -- Bankrupt U.S. Energy Systems Inc. and U.S. Energy Overseas Investments have filed a joint liquidating plan of reorganization, one month after winning an extension due to dramatic increases in the price of electricity in the United Kingdom.

Filed on Friday in the U.S. Bankruptcy Court for the Southern District of New York, the Chapter 11 joint reorganization plan establishes a liquidation trust.

Meanwhile, U.S. Energy subsidiary GBGH LLC filed a separate plan of reorganization in the same court outlining the conditions for repaying first and second...
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