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U.S. Energy Systems seeks to hire Jefferies as financial adviser
By Rebecca Melvin
New York, Jan. 11 - U.S. Energy Systems Inc. has requested court approval to hire Jefferies & Co. Inc. as its financial adviser for a fee of $100,000 a month, plus additional fees contingent on specific transactions, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.
U.S. Energy Systems filed for Chapter 11 bankruptcy protection on Jan. 9.
Prior to the petition, Jefferies, a New York-based investment banking firm, received $700,000 in fees and $26,177 in expenses from U.S. Energy for prepetition services.
Thursday's motion stated that Jefferies will provide technical services in the review of U.S. Energy Systems' gas assets in the United States. It will also advise on potential restructuring of outstanding debt including $77 million of fixed-term obligations due 2014, a $3 million revolving credit facility due 2014, $113.5 million of first-lien notes due 2013, $29.5 million of second-lien notes due 2014 and a $23.3 million credit and guaranty agreement due 2014. The company will also have exclusive rights as bookrunner in possible securities offerings to raise capital.
U.S. Energy's U.S. Energy Overseas Investments LLC and GBGH, LLC subsidiaries are included in the bankruptcy case, but U.S. Energy Biogas Corp., U.K. Energy Systems Ltd. and U.S. Energy Systems' other U.K. subsidiaries were not included.
No creditors committee, trustee or examiner have yet been appointed in the cases, and no hearing date has been scheduled.
U.S. Energy Systems is a New York-based owner of green power and clean energy and resources. Its Chapter 11 case number is 08-10054.
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