Judge OKs $189M Calpine Sale

Law360, New York (August 3, 2007, 12:00 AM EDT) -- A judge has given bankrupt Calpine Corp. approval to sell half of its interest in Acadia Power Partners LLC for about $189 million.

Judge Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York approved the sale to King Street Capital Management LLC on Wednesday. The deal, Calpine said, was about $44 million more than what was offered by the stalking horse bid.

The sale price also includes the payment of $85 million in priority distributions Calpine owed Acadia Power Holdings...
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