Cleco Sells $85M In Calpine Claims To JP Morgan

Law360, New York (May 23, 2007, 12:00 AM EDT) -- Energy company Cleco Corp. said Tuesday that it had sold its $85 million in unsecured Calpine Corp. claims to JPMorgan Chase Bank NA for $78.2 million.

Louisiana-based Cleco received its Calpine claims as part of a settlement reached with the bankrupt energy corporation in April. The settlement, which was approved by the U.S. Bankruptcy Court for the Southern District of New York on May 9, put to rest a dispute between Cleco and Calpine over a jointly owned power plant.

“We believe we received good value...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.