December 14, 2007 |
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.
December 13, 2007 |
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.
November 21, 2007 |
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.
November 20, 2007 |
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.
October 18, 2007 |
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.
September 27, 2007 |
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.
September 26, 2007 |
A federal judge ruled that Calpine Corp.'s bankruptcy reorganization plan, which calls for unsecured creditors to be repaid at least 95 cents for every dollar they're owed, can be sent to creditors for a vote.
September 25, 2007 |
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.
September 20, 2007 |
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.
September 18, 2007 |
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.