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  • brass_cannon brass_cannon Jan 1, 2006 10:58 AM Flag

    OT - Calpine facing Chapter 7

    Concur that Calpine will fight to establish a viable reorganization plan. Challenge will be to ward off the accounting write-down of leading-edge plants and facilities. While the debt structure is far more complicated, Mirant (and the astute Bankruptcy Judge) serves as an enviable example.

    Any word yet on the establishment of a Shareholder Committee? Book value is >$6/share...with Calpine's energy business FINALLY beginning to turn the corner to one-day profitability. As I recall, former CEO/CFO emphasized that he would personally lead the shareholder's fight in bankruptcy court.

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