Countryside/USEnergy

Countryside Power Income Fund enables investors to participate in the rapidly emerging market for independent power generation and utility-related infrastructure in North America. Countryside Power Income Fund holds investments in energy-producing assets that deliver stable cash flows.
 
U.S. Energy Biogas Corp. (USEB), a subsidiary of US Energy Systems, provides service to develop, own, and operate small to medium-sized power plants. Its 23 generation facilities (total capacity of 60 MW) primarily use renewable fuels such as biomass fuel and biogas. The company serves retail, commercial, and industrial users. USEB filed Chapter 11 in 2006.
 
Countryside had lent approximately $90 million to USEB to refinance existing indebtedness in 2004. In November 2006 USEB filed for protection from creditors pursuant to Chapter 11. Countryside was paid in full for its loan, and received an additional $9 million for cancellation of its make whole rights and the value of a royal interest.

Cypress represented Countryside in the restructuring of its investment in USEB.