Fresh from a shakeup at the top of its debt-plagued organization, San Jose, CA-based Calpine Corp. Thursday said it has asked the Delaware Chancery Court for 90 days to restore only part of the $313 million in natural gas asset sales proceeds that the court last month ruled had been misappropriated by the troubled power plant developer/operator. The court’s Vice Chancellor Leo Strine had ordered that the funds be restored to a special account earmarked for senior bondholders. Calpine said it is continuing to evaluate its options, including the possibility of filing for bankruptcy.
Chancery
Articles from Chancery
Bondholders Sue to Block Mirant Debt Restructuring Plan
A group of bondholders of a Mirant Corp. generation subsidiary have filed a lawsuit in Delaware Chancery Court against Mirant in an attempt to derail the debt restructuring plan the company announced earlier this month to avoid bankruptcy.
June 16, 2003
Injunction May Slow Unocal Offer for Remaining Shares of Pure Resources
The Delaware Chancery Court has issued a preliminary injunction that may prevent Unocal Corp. from completing an offer to exchange the common stock shares of Pure Resources Inc. Unocal subsidiary Union Oil Company of California already owns 65% of Pure, and it launched its exchange offer last month to acquire the remaining 35% (see Daily GPI, Sept. 6).
October 3, 2002
Court Speeds Up Columbia Case
The Chancery Court of Delaware is stepping up the pace on alawsuit filed on June 24 against Columbia Energy Group by NiSource,NiSource said yesterday. The court has called for an acceleratedschedule for the case in which NiSource is seeking to compelColumbia to reopen its 1999 annual meeting so that another directorcan be elected to a vacant seat on Columbia’s board.
June 29, 1999
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