Calpine Trustee Objects To Disclosure Statement

Law360 (July 13, 2007, 12:00 AM EDT) -- The U.S. Trustee in the Chapter 11 case of Calpine Corp. has objected to the bankrupt utility's disclosure statement, saying it doesn't provide sufficient detail about incentive plans for management and directors.

The objection, filed Thursday in the U.S. Bankruptcy Court for the Southern District of New York, also took issue with the lack of explanation regarding nondebtor release provisions, as well as the statement's lack clarity concerning the treatment of quarterly fees for the U.S. Trustee.

Calpine had said that it would adopt a management...
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