Calpine Gets Permission To Sell $144M In Notes

Law360, New York (December 11, 2007, 12:00 AM EST) -- Bankrupt energy company Calpine Corp. will soon have another $144 million to pay off creditors, after a bankruptcy court approved the company's motion to liquidate certain senior note holdings.

In an order issued in Dec. 10, Judge Burton Lifland of the U.S. Bankruptcy Court for the Southern District of New York approved Calpine's proposed sale of its ULC I notes, ruling that the sale would be in the best interests of the financially ailing company.

The order paves the way for Calpine to sell its 8½%...
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