Calpine to settle with note holders

Calpine Corp., which is under bankruptcy protection, said it had reached a preliminary agreement to resolve more than $282 million in claims against it from a group that holds $2.45 billion of its notes.

The agreement between San Jose-based Calpine and a group of second-lien debt holders, if approved, would resolve the investors’ claims for “make whole” payments and damages related to Calpine’s plan to pay off the notes early as part of its restructuring.

The note holders would share a $60-million secured claim to be paid in cash and a $40-million unsecured claim in the bankruptcy, Calpine said.