Calpine files reorganization plan |
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Wed, 20 Jun 2007 22:51
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NEW YORK (AP) - Independent power producer Calpine Corp. filed its restructuring plan with a New York bankruptcy court on Wednesday, 18 months to the day after the company first sought protection from its crushing debt burden.Under the reorganization plan, Calpine said unsecured creditors would receive anywhere from 91 percent to 100 percent of their allowed claims.In addition, holders of existing Calpine common stock would potentially receive the equivalent of $1.80 per share for their claims.The company said it expects the plan to be confirmed during the fourth quarter.Assuming the company exits bankruptcy by Dec. 31, it would have a reorganization value of about $21.7 billion. Calpine said it received commitments for an $8 billion exit financing facility, from a group including Goldman Sachs and Morgan Stanley, as part of the reorganization.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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