Calpine Spat Is Only Tip of the Iceberg

Lewis, Janet
December 2005
Investment Dealers' Digest;12/12/2005, Vol. 71 Issue 47, p11
Trade Publication
The article provides information about a lawsuit between California-based power generator Calpine Corp. and a group of hedge fund creditors. Calpine was fighting to stave off filing for bankruptcy while a group of holders of its second-lien bonds argued for immediate repayment after the company spent some of the cash they lent to buy fuel, contrary to the provisions of the notes. These hedge funds are large players in the riskiest financings. Hedge funds are also becoming increasingly aggressive in seeking out lending opportunities themselves, offering funding directly to companies.


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