Under this Plan, a Liquidation Trust would be established, and USEY and Overseas would transfer any remaining assets -- including any net proceeds from USEY's sale of 100% of the common stock of USEB
and any residual ownership interests in GBGH, LLC -- into the Liquidation Trust for liquidation and the subsequent distribution of net liquidation proceeds to USEY equity holders.
Bankruptcy Court overseeing USEB
's Chapter 11 reorganization case, as well as each party's respective boards, USEB
expects to be able to move immediately toward an expedited confirmation of a Chapter 11 plan of reorganization.
The critical achievements of USEB
's Chapter 11 reorganization were the refinancing of a flawed loan agreement that prevented USEB
from growing or otherwise benefiting USEY's shareholders; the retirement of approximately $65,000,000 of long term subsidy repayment obligations with a $5,250,000 payment to the Illinois Commerce Commission; and the payment, in full, of valid supplier and creditor invoices.
We are very pleased that our reorganization Plan for USEB
is being confirmed and that we are in position to successfully conclude our financial restructuring by the end of May, about six months after we began the process," said Asher E.
based renewable energy business, announced today that it has reached an agreement in principle with the State of the Illinois and the Illinois Commerce Commission (together, the "ICC") resolving the principal remaining outstanding issue in USEB
's Chapter 11 filing in the United States Bankruptcy Court for the Southern District of New York, and eliminating a significant balance sheet liability for USEB
and its parent, U.
We are very pleased that USEB
is continuing on an expedited path through its restructuring," said Asher E.
recently won court approval of a settlement agreement with its secured lender that will enable USEY to unlock the equity value of USEB
Outstanding principal amounts shall be deemed over secured for purposes of adequate protection and the use of cash collateral in the USEB
bankruptcy cases and shall bear interest at a rate of 10% per annum (down from 11%) from February 1, 2007, payable monthly in U.
This is a very important step toward establishing a viable capital structure for USEB
and its healthy business operations," said Asher E.
Countryside's indirect investments in USEB
will consist of loans and a convertible royalty interest, which will amend the existing long- term financing arrangements.
7 million in connection with the termination of currency swap agreements by which USEB
serviced its loan from Countryside Power Income Fund (Toronto: COU-UN.
Motions Granted Support Customers, Employees and Business Partners, Ensuring Business as Usual at USEB