USEYQ US Energy Systems Inc. featured news, full reports, and detailed charts
US Energy Systems Inc. (USEYQ/USEYQ.PK) Wrap Up:
U.S. Energy Systems, Inc., through its subsidiaries, owns and operates energy facilities, which produces electricity and energy alternatives to natural gas in the United Kingdom. It produces electricity and sells landfill gas as an alternative to natural gas. As of December 31, 2006, the company owned and operated 23 landfill gas to energy projects in the United States; and energy assets and mineral rights, including a 42MW gas-fired power plant and gas licenses covering approximately 100,000 acres of onshore natural gas properties and mineral rights located in North Yorkshire, England. As of the above date, U.S. Energy Systems also owned and operated a combined heat and power plant that pro...US Energy Systems Inc. (USEYQ:OTC)
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Key developments for US Energy Systems Inc. (USEYQ)
On May 18, 2009, Messrs. Salvatore Nobile and Mike Novosel resigned from the Board of Directors of US Energy Systems Inc. On May 21, 2009, Joe Reynolds, the Chief Executive Officer and President of the company, announced that he would resign as Chief Executive Officer and President when the Chapter 11 plan of company subsidiary GBGH, LLC shall be substantially consummated on or about June 6, 2009. Mr. Reynolds stated to the company that his reason for resigning, effective on or about June 6, 2009, was to fully concentrate on his responsibilities as Chief Executive Officer of the company's UK subsidiary, UK Energy Systems Limited.
Effective May 14, 2008, US Energy Systems Inc. changed its OTCPK stock ticker symbol to USEY.Q from USEY.
US Energy Systems Inc. announced that the previously reported Governance Agreement and proposed settlement of litigation between the Company and Nakash Energy LLC, the Company's largest shareholder, have been approved by the U.S. Bankruptcy Court for the Southern District of New York, thereby facilitating the Company's restructuring under Chapter 11. The terms of the settlement approved by the Bankruptcy Court, including the Governance Agreement, the dismissal of litigation between the parties, and certain releases of claims and indemnities.
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