Calpine To Repay First-Lien Noteholders

Law360, New York (April 20, 2006, 12:00 AM EDT) -- Power plant operator Calpine Corp. will use the $412 million in proceeds from the sale of its geysers to pay off its first-lien debtholders, but may have to borrow another $233.7 million needed to pay off the remainder to the noteholders.

The California power company, which filed for Chapter 11 in December, has filed a motion with the U.S. Bankruptcy Court for the Southern District of New York asking the court to allow it to use the $412 million in proceeds to pay most of the...
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