Calpine Shuffles Deal, Nets Another $2.8M

Law360, New York (June 29, 2007, 12:00 AM EDT) -- After erasing $1.1. billion in debt, Calpine Corp. has added another $2.8 million to its coffers in the wake of a bankruptcy judge signing off on the energy giant's plan to modify a power-purchase agreement with a Texas plant.

On Tuesday, U.S. Bankruptcy Judge Burton Lifland granted Calpine's request to alter a May 2005 agreement to supply energy to the Flint Hills Resources plant in Nueces County, Texas, ruling that the new pact would be in “the best interest of the debtors’ estates, their creditors and...
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