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...
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