Calpine Looks To Make $158M In Plant Auction

Law360, New York (September 27, 2006, 12:00 AM EDT) -- Calpine Corp. has asked a bankruptcy court for permission to auction off a power plant built as part of a joint venture with utility company Aquila Inc., in a move that could garner $158.5 million for the bankrupt energy provider.

Aquila will serve as the lead bidder in the auction, and has demanded a $3.17 million breakup fee if another company bests its offer.

The Federal Energy Regulatory Commission must also sign off on the auction.

Calpine built the plant, which was constructed under a stalking-horse...
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