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Calpine Creditors Win Right To Challenge Liens

Law360 (May 10, 2007, 12:00 AM EDT) -- A group of Calpine Corp.’s unsecured creditors have won a hard-fought battle in the company’s Chapter 11 case, winning the right to challenge the seniority on $646.11 million in notes held by first-lien noteholders.

Judge Burton Lifland of the U.S. Bankruptcy Court for the Southern District of New York ruled in favor of the committee of unsecured creditors on Thursday, granting their request to question the priority of the holders of notes due in 2014.

The unsecured creditors will now have until May 21 to file...
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