Calpine Pulls Out Of Two Contracts For Plant Leases

Law360, New York (February 6, 2006, 12:00 AM EST) -- In another attempt to toss out contracts signed before its bankruptcy, power producer Calpine Corp. has moved to reject lease agreements at two power plants in Maine and Rhode Island.

Calpine filed the notice of rejection with the U.S. Bankruptcy Court for the Southern District of New York as part of its Chapter 11 restructuring proceedings.

The termination of the company’s leasehold interest in the plants is effective immediately, unless the bankruptcy court rules otherwise. The owner of the plants, a subsidiary of Philip Morris Capital...
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