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Banks Object To Calpine Consolidation Plan

Law360 (September 14, 2007, 12:00 AM EDT) -- The largest creditors of a Calpine Corp. subsidiary are objecting to the power company's Chapter 11 reorganization plan, claiming that a proposal to consolidate the subsidiary would result in unequal treatment for creditors.

HSBC Bank USA, National Association and The Bank of New York on Thursday objected to Calpine's first amended disclosure statement and reorganization plan, saying the plan would consolidate Calpine Generating Co. LLC with the company's other Chapter 11 estates.

“Any effort to substantively consolidate the CalGen debtors with the other debtors would be...
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