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Calpine Corp

BUSINESS
December 14, 2007 | From Times Wire Services
Calpine Corp., preparing for a court battle next week over how much the power company is worth, said 91% of its creditors voted in favor of its plan to exit bankruptcy protection. "Calpine is now poised to emerge from bankruptcy as a financially stable, stand-alone company with an improved competitive position in the energy industry," Chief Executive Robert P. May said in a statement.
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BUSINESS
December 13, 2007 | Elizabeth Douglass, Times Staff Writer
Pacific Gas & Electric Co. blasted state officials Wednesday for renegotiating a major electricity contract signed during the energy crisis, contending that the new terms would boost costs for consumers by hundreds of millions of dollars. The power supply contract, one of many deals the state struck to secure energy during the 2000-01 market meltdown, was signed by the California Department of Water Resources. It called for San Jose-based Calpine Corp.
BUSINESS
November 21, 2007 | From Dow Jones/The Associated Press
Calpine Corp. said it was worth $900 million less than previously estimated due to a decline in the market value of other companies that generate power and an increase in market volatility. The new estimate, filed Monday in U.S. Bankruptcy Court in New York, raises the odds that Calpine's unsecured creditors won't be paid back in full. It also means Calpine thinks its current shares are largely worthless. Calpine said the midpoint of its total enterprise value is now $19.
BUSINESS
November 20, 2007 | From Times Wire Services
Calpine Corp. plans to pay Chief Executive Robert May a $10.9-million stock bonus when it emerges from Chapter 11 Bankruptcy Court protection. The San Jose-based company also plans to pay about $66.6 million in emergence bonuses to about 2,200 eligible participants, including all full-time workers, the company said.
BUSINESS
October 18, 2007 | From Bloomberg News
The U.S. trustee in Calpine Corp.'s bankruptcy case objected to requests for about $51 million in legal fees and expenses, citing losses and a lack of progress on the San Jose-based power company's reorganization plan. U.S. Trustee Diana Adams objected to the interim request for $48.7 million in fees and $2.3 million in expenses in a court filing Wednesday in New York.
BUSINESS
September 27, 2007 | From Times Wire Services
Troubled power producer Calpine Corp. said it received final approval from California to build a 600-megawatt plant in the state. The natural-gas-fueled plant will be in Hayward and will provide power to utility Pacific Gas & Electric Co., San Jose-based Calpine said. Calpine aims to emerge from Bankruptcy Court protection by Jan. 31.
BUSINESS
September 25, 2007 | From Bloomberg News
Calpine Corp., the California power producer, on Monday reduced the projected recovery for its existing shareholders by 5.4% as it provided a clearer picture of claims facing the company in its bankruptcy. Calpine previously estimated the midpoint of returns for shareholders would be $2.05 a share in new stock. In a revised description of its reorganization plan filed in U.S. Bankruptcy Court in New York, it cut that estimate to $1.94. Calpine shares rose 9.
BUSINESS
September 20, 2007 | From Bloomberg News
Calpine Corp. said its creditors were warning that the bankrupt California power producer's value might have declined since June by as much as $1.3 billion, or 6.4%, endangering their ability to recover losses. Creditors contend that the company's $20.3-billion estimated value as of June 20 might be lower because of deteriorating market and operating conditions, according to an amended disclosure statement filed Wednesday in U.S. Bankruptcy Court in Manhattan.
BUSINESS
September 18, 2007 | From Bloomberg News
Calpine Corp., the troubled California power producer, put "false and misleading" data in one of its reorganization-plan documents, Rosetta Resources Inc. told a judge Monday, demanding that creditors get correct information. Rosetta, an independent oil and gas company split off by Calpine in July 2005, asked U.S. Bankruptcy Judge Burton Lifland in New York to force Calpine to provide a new description of how Rosetta was formed.
BUSINESS
August 28, 2007 | From Times Wire Services
Power producer Calpine Corp. said it filed an amended reorganization plan to emerge from bankruptcy protection that aims "to provide an equitable return to all stakeholders while providing for the long-term viability of the company." The plan was filed at the U.S. Bankruptcy Court for the Southern District of New York. The company said it "remains on track" to have the plan confirmed in the fourth quarter. The company projected that existing shareholders would receive $2.
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