Calpine Slashes $50M From Transwestern Claim

Law360, New York (November 16, 2007, 12:00 AM EST) -- Bankrupt Calpine Corp. has reached a deal with creditor Transwestern Pipeline Company LLC to cut its claim in the energy company's Chapter 11 proceeding by nearly $50 million.

In a motion filed Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, Calpine said that it and Transwestern agreed that Transwestern would have general unsecured claims for a total of $17.7 million. The motion asks for a judge to approve the agreement.

In August 2006, Transwestern filed claims against Calpine and its subsidiaries...
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