Calpine Professionals To Reap $440M In Fees

Law360, New York (March 31, 2008, 12:00 AM EDT) -- The 32 professional firms working on Calpine Corp.'s bankruptcy will take home a whopping $440 million in fees and expenses, making it one of the most expensive Chapter 11 cases ever.

In an order handed down Thursday, Judge Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York approved all fees and expenses requested, though some firms did voluntarily reduce their bills.

The debtors' lead counsel, Kirkland & Ellis LLP, was the big winner, earning roughly $92 million, which includes about...
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