San Jose-Based Calpine Corp. Seeks Investors To Finance Chapter 11 Bankruptcy Exit
Calpine Corp. says that it is looking for new equity investors to help finance its exit from Chapter 11 Bankruptcy. The San Jose-based energy company also says that it has given a business plan—which could form the basis of its proposed reorganization—to creditors.
Calpine has been under bankruptcy protection since December 2005. The company has until June 20 to submit its reorganization plan that will show how it plans to exit Chapter 11 and pay back creditors.
In Court papers, the energy company stated that its net loss between December 2005 and November 2006 was $800 million greater than for that same period of time the year previous. The company attributes the loss to spending $1 billion in reorganization items. It’s core operating results, however, improved from the past year.
Calpine is the number one operator of natural-gas-fired power plants in the United States. It powers 27 million homes and supplies 3.5% of all electricity used in the US. The company has sold nearly 1/5 of its 92 plants since filing for bankruptcy protection.
Here is a list of some significant events in Calpine’s recent history since filing for bankruptcy in December 2005:
12/20/05 Calpine Corporation Files Chapter 11 Petitions to Facilitate Debt Restructuring
12/21/05 Calpine Power Income Fund Responds to Calpine Corporation Announcement Regarding US Chapter 11 Filing and Canadian CCAA Filing
12/22/05 Calpine Receives Court Approval of First Day Motions
01/30/06 Calpine Names Scott Davido as Chief Financial Officer
02/01/06 Calpine Takes Action to Strengthen Company and Refocus on Core Power Generation Business
02/06/06 Calpine Power Income Fund Announces Court Sanctioned Re-Tolling Protocol
02/06/06 Calpine Files to Reject Two Power Plant Lease Agreements
02/09/06 Calpine Finalizes Collateral Structure for $2 Billion DIP Facility
02/14/06 David C. Merritt Joins Calpine's Board of Directors
02/16/06 Calpine Power Income Fund Announces Unaudited Operational Results, Distributable Cash for 2005 and Cash Distributions for February 2006
02/22/06 Calpine Construction Finance Company, L.P. to Request Consents to Waiver From Holders of Its Secured Term Loans and Notes
02/24/06 Calpine Closes $2 Billion DIP Financing
03/03/06 Calpine Restructures Organization to Focus on Core Power Generation Business
03/06/06 Calpine Announces Extension of Expiration Date for Consent to Waivers from Holders of its Notes and its Secured Term Loans
03/29/06 Calpine Agrees to Sell Its Interest in 525-MW Mexico Power Plant
04/04/06 Calpine Announces Plans to Sell Non-Core Power Plants and Implement Additional Cost-Cutting Measures
04/19/06 Calpine Completes Sale of Its Interest in 525-MW Mexico Power Plant
06/01/06 Calpine Repays $645 Million of its 9 5/8% First Priority Senior Secured Notes
09/13/06 Calpine Receives Court Approval to Sell Its 170-MW Dighton Power Plant
09/21/06 Calpine Receives Court Approval to Sell an Interest in Its Russell City Energy Center to GE Energy Financial Services
09/28/06 Calpine Sells Netherlands-based Thomassen Turbine Systems
11/21/06 Calpine Sells Excess Gas Turbine and Generator Inventory
12/06/06 Calpine Receives Court Approval to Sell its 590-Megawatt Aries Power Plant to Kelson Holdings, LLC for $233.6 Million
Sagaria Law, P.C. represents companies and individuals going through the bankruptcy process in Monterey County, Alameda County, and Santa Clara County. If you would like to speak with an attorney regarding Chapter 7 bankruptcy, Chapter 11 bankruptcy, Chapter 13 bankruptcy, or another bankruptcy-related matter, contact Sagaria Law, PC today.
Calpine to seek financing for Chapter 11 exit, LA Times, January 18, 2007
Investor Relations, Calpine
Calpine Seeks Investors To File Chapter 11 Exit, Examiner.com, January 17, 2007
Related Web Resource:
Chapter 11 Bankruptcy Basics, US Courts.gov
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