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Banks' Motion To Stay Calpine Confirmation Denied

Law360 (January 25, 2008, 12:00 AM EST) -- In a victory for the unsecured creditors of Calpine Corp., a bankruptcy court has refused to stay the company's Chapter 11 proceedings, denying a motion filed by several major Calpine shareholders.

In an order handed down on Jan.24, Judge Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York said he would not grant the temporary stay demanded by Calpine shareholders Compania Internacional Financiera SA, Coudree Global Equities Fund, Standard Bank of London and Leonardo Capital Fund SPC.

The banks had...
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