Calpine Poised For Ch. 11 Emergence

Law360, New York (December 14, 2007, 12:00 AM EST) -- About 91% of Calpine Corp.'s creditors have voted to accept its reorganization plan, which calls for unsecured creditors to recover almost 97% of what they are owed, the bankrupt energy company said Wednesday.

Of the more than 2,400 ballots cast, 2,270 were in favor of the plan, Calpine said. It added that 78.4% of the total monetary amount voted by creditors aggregated across classes had accepted the plan.

According to the company, classes consisting of senior note claims, ULC1 settlement claims, Canadian intercompany claims, unsecured makewhole...
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.