Judge Allows Calpine To Quit Paying Bondholders’ Fees

Law360, New York (June 21, 2006, 12:00 AM EDT) -- In a setback for Calpine Corp.’s first-lien bondholders, a bankruptcy judge has permitted the energy giant to stop making monthly payments to professionals representing the investor group that pushed the company into bankruptcy.

Judge Burton Lifland decided Wednesday in the U.S. Bankruptcy Court for the Southern District of New York that Calpine’s obligation to shell out roughly $350,000 a month for first-lien bondholders’ lawyers and advisers came to an end May 26, the same day that Calpine fully reimbursed the investor group with $646.1 million....
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