Calpine Again Accused of Defaulting on Bonds

Calpine Corp., which raised $48 billion to build the biggest network of gas-fired generating plants in the U.S., is being accused for the second time since July of defaulting on one issue of its convertible bonds.

Hedge funds Whitebox Advisors and Harbert Management Corp., which say they own $200 million of Calpine’s 6% convertible bonds due in 2014, have notified the San Jose-based company and trustee Wilmington Trust Co. that it has defaulted on the notes.