Calpine To Erase $1.1B In Claims From Chapter 11

Law360, New York (May 16, 2007, 12:00 AM EDT) -- After reaching an agreement with landlords for two of its power plants in New England, bankrupt energy company Calpine Corp. will now be able to erase up to $1.1 billion in claims against its Chapter 11 case.

The company said Monday that it would pay about $190 million to landlords Rumford Power Associates LP and Tiverton Power Associates LP, the owners of the Rumford power plant in Maine and the Tiverton power plant in Rhode Island respectively.

In June 2006, Calpine rejected contracts with Rumford and...
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