Calpine Closes $135M Deal With Harbinger

Law360, New York (November 9, 2007, 12:00 AM EST) -- Calpine Corp. has closed a deal in which it will sell its $140 million claim in the bankruptcy proceedings of Solutia Inc. to a pair of Harbinger Capital Partners funds for $135.45 million.

Judge Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York approved the sale at a hearing on Wednesday. In his order, Lifland said Harbinger had made the “highest and/or best offer” for the claim and had proceeded in “good faith.”

Under a so-called last-look right, Solutia then...
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