USGen says 99.56% of unsecured creditors, 100% of interests creditors approve liquidation plan

By Caroline Salls

Pittsburgh, May 11 - USGen New England, Inc. said 99.56% or 225 of its unsecured claims creditors and 100% or five of its interests creditors approved its second amended plan of liquidation, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Maryland.

The unsecured creditors who approved the plan represent $992.15 million of claims, and the interests creditors represent $1,000 in claims.

The one unsecured creditor who rejected the plan represents $1.00 in claims.

The plan calls for unsecured creditors to receive 100% of their claim in cash plus 4% in interest.

National Energy & Gas Transmission, Inc., the shareholder in USGen New England, will retain its equity ownership and will receive whatever is left over after other distributions.

USGen New England is a Bethesda, Md.-based subsidiary of National Energy & Gas Transmission. The companies filed for protection under Chapter 11 on July 8, 2003 in cases that are separately administered.

National Energy emerged from bankruptcy last fall and expects to cease operations this year. USGen is still in Chapter 11. Its case number is 03-30459.

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