Calpine Exits Ch. 11 With $7.3B In Financing

Law360, New York (February 1, 2008, 12:00 AM EST) -- Fewer than two months after its sixth amended reorganization plan was approved, Calpine Corp. emerged from bankruptcy Thursday, after securing a one-year, $300 million bridge facility toward the $7.3 billion in exit financing it ultimately will get.

The U.S. power company announced its fulfillment of all of its plan's obligations and its final exit from Chapter 11 on Thursday evening, well before its Feb. 7 deadline to close on its exit financing in the U.S. Bankruptcy Court for the Southern District of New York.

Calpine's stipulated...
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