SAN JOSE, Calif., Dec. 2 /PRNewswire-FirstCall/ -- Calpine Corporation provided the following update to today's Delaware Court of Chancery's ruling in the company's action against The Bank of New York, as collateral trustee for Calpine's Senior Secured Note Holders, and Wilmington Trust Company, as indenture trustee for Calpine's First Lien Note Holders and Second Lien Note Holders. In his ruling today, Vice Chancellor Leo E. Strine, Jr. ordered Calpine to restore to the Bank of New York collateral account approximately $313 million, plus accrued interest at 3.5% per annum by January 22, 2006.
Upon receipt of the final order, Calpine expects to file a notice of appeal with the Supreme Court of Delaware and request expedited treatment.
A major power company, Calpine Corporation supplies customers and communities with electricity from clean, efficient, natural gas-fired and geothermal power plants. Calpine owns, leases and operates integrated systems of plants in 21 U.S. states and in three Canadian provinces and is building a plant in Mexico. It is publicly traded on the New York Stock Exchange under the symbol CPN. For more information, visit http://www.calpine.com/ .
© 2005 PR Newswire
