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Calpine Plan Approved, Highly Unusual Settlement

Law360 (December 19, 2007, 12:00 AM EST) -- A federal judge has approved Calpine Corp.'s reorganization plan after the debtors, creditors and shareholders reached a highly unusual settlement that staved off an expected battle over the value of the company.

Judge Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York approved the reorganization plan at a hearing on Wednesday. The company is now set to emerge from Chapter 11 by Feb. 7, the deadline to close on its $7.6 billion exit financing.

Under the settlement, Calpine's stipulated post-bankruptcy...
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