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 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.
August 28, 2007 |
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.
August 25, 2007 |
Calpine Corp. on Friday agreed to continue supplying relatively cheap power to California under a contract signed during the state's 2000-01 energy crisis, eliminating a dispute that could have derailed the company's planned emergence from bankruptcy protection. California Atty. Gen. Jerry Brown, who had fought to keep the contested contract intact, called Calpine's decision an "excellent outcome." This month, Brown and other state officials filed papers with the U.S.
August 21, 2007 |
new york -- Hedge fund Harbinger Capital Partners and General Electric Co. have offered to purchase a controlling stake in Calpine Corp. when the power company emerges from bankruptcy, a person familiar with the situation said. The plan by Harbinger, GE Energy Financial Services and an unnamed private-equity firm would offer an infusion of equity while keeping the company's debt levels about the same, the person said.
August 9, 2007 |
Power producer Calpine Corp. said its second-quarter loss narrowed as it sold more power at higher prices and reorganization costs fell. San Jose-based Calpine said its loss narrowed to $500 million, or $1.04 a share, from a loss of $818 million, or $1.71, in the second quarter of 2006. Revenue rose 24% to $1.98 billion. Its shares rose 18 cents, or more than 6%, to $3.