Calpine Reaches Prelinary Settlement With Holders of $12 Billion in Bonds

(Bloomberg) -- Calpine Corp., the bankrupt power generator, said it reached a preliminary settlement with a committee of bondholders that will eliminate one of the biggest groups of claims in its case.

The settlement, which requires court approval, will reduce $12 billion in claims to a single claim of $3.5 billion, the San Jose, California-based company said in a statement distributed today by PRNewswire.


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