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Bankruptcy Reorganization

This is a settlement for the Bankruptcy lawsuit.

New York, NY: (Oct-24-07) Decatur County brought charges against Calpine Corp., and reached a settlement in which the bankrupt company agreed to a $2.13 million payout out of a $2.4 million claim by the county. Records how that in January 2007, the county hired bankruptcy lawyers to appear in a New York bankruptcy court after Calpine claimed it owed only $1.6 million. Calpine has two plants in Morgan County, both outside city limits. The $2.13 million settlement was distributed among the state of New York, Morgan County General Fund, Morgan County Road and Bridge, Morgan County Volunteer Fire Department, Decatur City Schools, and the city of Decatur General Fund. Documents reveal that the US trustee in Calpine Corp.'s bankruptcy case objected to the company's request for about $51 million in interim legal fees and expenses, citing losses and a lack of progress on the California-based power company's reorganization plan. [DECATUR DAILY: BANKRUPTCY REORGANIZATION]


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Published on Oct-26-07


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