SAN JOSE, Calif., Feb. 24 (UPI) -- Calpine Corp., a bankrupt California utility, said Friday it obtained funding for a $2 billion debtor-in-possession facility.
The money will help fund the company's operations as it works toward restructuring. Deutsche Bank and Credit Suisse were co-lead arrangers for the new facility.
"Calpine is making good progress toward emerging from Chapter 11 as a profitable and competitive power company," said Calpine head Robert P. May. "This new $2 billion credit facility provides Calpine with the needed liquidity to rebuild and strengthen our company, and assure customers that they can continue to rely on Calpine for clean, reliable electricity."
Calpine and many of its subsidiaries filed to reorganize under Chapter 11last December.
