June 1, 2007
Energy firm emerges from bankruptcy
Avon-based U.S. Energy Biogas Corp. has completed Chapter 11 bankruptcy reorganization, after retiring $65 million in subsidy obligations through a $5.25 million payment to the Illinois Commerce Commission. The company, a subsidiary of N.Y.-based U.S. Energy Systems Inc., owns and operates 23 biogas-to-energy projects in 10 states. It had been under bankruptcy protection since November. The CEO of USEB's parent company predicted USEB will post annual gross profit margins of 45 percent and double its cash flow within four years.
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