June 25 (Reuters) - U.S. Energy Systems Inc. (USEY.O: Quote, Profile, Research) said it may face bankruptcy or insolvency proceedings if it is unable to raise funds to meet some UK financing arrangements.

The company said it is currently expects a shortfall of up to $3.2 million in 2007 working capital in its UK gas assets and is currently evaluating cost saving measures intended to reduce such shortfall. (Reporting by Anup Roy in Bangalore)


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