Calpine Files for Chapter 11 Bankruptcy Protection

Calpine Corp said it has filed to restructure under Chapter 11 of the US Bankruptcy Code.

The energy company added that certain unit and affiliates in Canada intend to file for creditor protection under the Companies’ Creditors Arrangement Act….

Also, Calpine has asked the court to reject certain of its contracts, including power sales agreements in which the price paid to Calpine for electricity is significantly below its cost or market prices.
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