HSBC, Bank Of NY Seek Trustee For Calpine Units

Law360 (September 24, 2007, 12:00 AM EDT) -- Calpine Corp. on Monday filed its third amended Chapter 11 plan, which includes language specifying that consummation and confirmation of the plan are contingent on the bankruptcy court allowing Calpine to substantively consolidate all of the debtors' estates.

The new plan follows Calpine's strongly-worded objection to motions to appoint a Chapter 11 trustee to take over the estates of two Calpine subsidiaries. Movants Bank of New York and HSBC Bank USA NA challenged the consolidation of the estates, contending that the subsidiaries needed an independent fiduciary...
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