Calpine Seeks Control Over Ch. 11 Plan Through 2006

Law360, New York (March 21, 2006, 12:00 AM EST) -- Suggesting that its stint in bankruptcy court could stretch into 2007, power generator Calpine Corp. is looking to extend its Chapter 11 plan through 2006.

The company asked a court Friday for the exclusive right to file a reorganization plan by Dec. 31, and to receive creditor support for the plan by March 31, 2007.

Under Chapter 11 protection, companies are required to offer a reorganization plan to outline how creditors will be paid. An exclusive period allows a company to keep control as it prepares...
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