Calpine seeks to extend CEO's term for another six months

By Reshmi Basu

New York, Aug. 17 - Calpine Corp. asked for approval to extend the contract of the company's chief executive officer Robert P. May for another six months, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The terms of the contract would be extended to June 30, 2008 from Dec. 31.

According to the motion, the company said May's tenure is critical to the success of the company as it nears the end of its restructuring.

Calpine described May as "the cornerstone of the debtors' executive team" and said he has been "the central leader in guiding and managing the debtors' Chapter 11 process."

A hearing is scheduled for Sept. 11.

Calpine, a San Jose, Calif., power company, filed for bankruptcy on Dec. 20, 2005. Its Chapter 11 case number is 05-60200.

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