U.S. Energy Systems hires firm to help it seek alternatives; company could run out of money soon

By Lisa Kerner

Charlotte, N.C., July 20 - U.S. Energy Systems, Inc. has retained Jefferies & Co., Inc. to assist the company in evaluating its existing financing as well as other available strategic alternatives.

As previously reported in June, the company said that unless it raised more cash, U.S. Energy Systems could run out of money as soon as August. While its lenders have not taken any action to date, they could foreclose on most of the company's assets.

U.S. Energy Systems said it did not have enough funds to make capital contributions required under the U.K. financing arrangements between September and December of this year. In addition, the company is not in compliance with some of the non-monetary requirements of the U.K. financing arrangements.

Grant Emms, the company's chief executive officer and a director of its subsidiary UK Energy Systems Ltd., has been suspended with pay pending an investigation by the audit committee.

U.S. Energy Systems is a New York-based owner of green power and clean energy and resources.

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