Calpine says 91% of creditors voting, 78.4% of debt back reorganization plan

New York, Dec. 12 - Calpine Corp. said voting for its plan of reorganization demonstrated "broad-based support."

Of the more than 2,400 ballots cast, 2,270 or 91% backed the plan. By dollar amount, 78.4%, or $12.74 billion, was voted in favor.

A confirmation hearing is scheduled to begin on Dec. 17.

"Calpine's reorganization has addressed a significant number of very complex issues," said Robert May, Calpine's chief executive officer, in a news release.

"As underscored by the support of many of our creditors, we believe our plan represents a fair and equitable outcome for all the creditors involved and is a testament to the dedication and tireless efforts of all those involved in the process."

Calpine, a San Jose, Calif., power company, filed for bankruptcy on Dec. 20, 2005 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 05-60200.

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