Calpine Corp., the power plant owner saddled with more than $17 billion in debt, filed for bankruptcy protection Tuesday after soaring natural gas prices left it unable to make loan and bond payments. The filing in U.S. Bankruptcy Court in New York followed the ouster of top executives after they lost a fight with bondholders over using asset sale proceeds for plant fuel. "I would expect bondholders to receive about par following an abbreviated bankruptcy," Jon Kyle Cartwright, director of research for BOSC in Clearwater, Fla., said in an interview Tuesday before the filing. "I would expect them to be...
