Unsecured Creditors Take Issue With Calpine Liens

Law360, New York (November 6, 2006, 12:00 AM EST) -- The committee of unsecured creditors has asked a bankruptcy court to allow it to challenge certain liens in the Chapter 11 case of Calpine Corp.

The committee, which has opened an investigation into liens granted by the energy provider to the holders of first- and second-lien debt, said Friday it had found “infirmities” in the liens asserted by the lien trustees and the term loan agent in the U.S. Bankruptcy Court for the Southern District of New York.

The unsecured creditors claimed that the first-lien debt...
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