U.S. Energy's disclosure statement OK'd; plan hearing set for Oct. 5

By Lisa Kerner

Charlotte, N.C., Aug. 10 - U.S. Energy Systems, Inc.'s disclosure statement was approved, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

A plan confirmation hearing is scheduled for Oct. 5.

As previously reported, funds for distribution under the amended plan filed on July 2 will come from cash on hand, including asset sale proceeds and the proceeds from prosecution of avoidance actions.

A plan administrator will be appointed to make distributions to creditors from either a plan fund or unsecured distribution fund.

U.S. Energy Systems, a New York-based owner of green power and clean energy and resources, filed for bankruptcy on Jan. 9, 2008. Its Chapter 11 case number is 08-10054.

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