Calpine Closes $135M Deal With Harbinger

Law360, New York (November 9, 2007, 12:00 AM EST) -- Calpine Corp. has closed a deal in which it will sell its $140 million claim in the bankruptcy proceedings of Solutia Inc. to a pair of Harbinger Capital Partners funds for $135.45 million.

Judge Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York approved the sale at a hearing on Wednesday. In his order, Lifland said Harbinger had made the “highest and/or best offer” for the claim and had proceeded in “good faith.”

Under a so-called last-look right, Solutia then...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.