Bondholders Say Calpine's Offer Is $96M Short

Law360, New York (May 8, 2006, 12:00 AM EDT) -- Bondholders in bankrupt Calpine Corp. are asking a judge to rule against a motion that would allow the California-based energy provider to pay them $646.1 million, arguing that the proposed payment is a ploy by the company to shirk its obligation to pay almost $100 million in interest.

According to court papers filed in a federal bankruptcy court in Manhattan objecting to the proposed payment, "Debtors have been attempting to use their status as bankruptcy debtors to accomplish what they twice were unable to do outside...
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