Judge Affirms Ruling In Calpine Payment Dispute

Law360, New York (January 11, 2007, 12:00 AM EST) -- In an upset for the indenture trustee in Calpine Corp.’s Chapter 11 case, a district judge has upheld a bankruptcy judge’s decision to allow Calpine to make a repayment on the principal of first-lien debt without paying a premium.

Judge Shira A. Scheindlin of the U.S. District Court for the Southern District of New York affirmed the bankruptcy judge’s decision on Tuesday, and rejected the appeals of the Law Debenture Trust Co. of New York.

The energy company issued the first-lien notes in the amount of...
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