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13.11.2007: Meldung: Calpine Corp.: claims settlement
Calpine Reaches Claims Settlements With Calpine First Lien Debtholders and CalGen First Priority Noteholders
Monday November 12, 7:01 pm ET
SAN JOSE, Calif. and HOUSTON, Nov. 12 / Calpine Corporation and its affiliated debtors in possession (the "Debtors") have reached a claims settlement with Law Debenture Trust Company of New York, as successor indenture trustee (the "First Lien Trustee") for the 9.625% First Priority Senior Secured Notes due 2014 (the "Calpine First Lien Debtholders"). Additionally, Calpine reached a claims settlement with the holders of the First Priority Secured Floating Rate Notes due 2009 issued by Calpine Generating Company LLC ("CalGen") and CalGen Finance Corporation and First Priority Secured Institutional Term Loans due 2009 issued by CalGen (the "CalGen First Priority Noteholders") and the indenture trustee and administrative agent for such notes (the "First Priority Debt Representatives"). Both of these settlements are subject to approval by the U.S. Bankruptcy Court.
"In reaching these settlements, we have successfully addressed one of our last major hurdles before emerging from Chapter 11 as a financially stable, stand-alone company with an improved competitive position in the energy industry," said Robert P. May, Calpine"s Chief Executive Officer. "We are very pleased to have reached this agreement, and we continue to be proud of what we have accomplished thus far in this process. We remain on track with our current timetable and expect to emerge from Chapter 11 prior to Jan. 31, 2008."
Under the agreement with the Calpine First Lien Debtholders, the claims for make whole premium and damages claims asserted by the First Lien Trustee and disputed by the Debtors and the Official Committee of Unsecured Creditors have been settled and will be allowed as claims against Calpine in the aggregate amount of approximately $84 million plus interest, representing an allowed secured claim of approximately $50.4 million, plus interest at the contract non-default rate and an allowed unsecured claim of approximately $33.6 million, plus interest at the contract non-default rate. In addition, the Debtors have agreed to pay up to $3.5 million of the reasonable professional fees incurred by the First Lien Trustee.
Under the agreement with the CalGen First Priority Noteholders, the claims for contract damages and default interest asserted by the First Priority Debt Representatives and disputed by the Debtors have been settled and will be allowed as unsecured claims against CalGen in the aggregate amount of approximately $50 million plus interest at the federal judgment rate, representing approximately $20.1 million on account of make whole premium and damages claims and approximately $29.1 million on account of default interest claims. In addition, the Debtors have agreed to pay up to $3 million of the reasonable professional fees incurred by the First Priority Debt Representatives and up to $684,000 of the reasonable professional fees incurred by Whitebox Advisors LLC.
The Debtors will seek approval of these agreements from the United States Bankruptcy Court for the Southern District of New York on November 27, 2007.
Calpine"s court documents are available at http://www.kccllc.net/calpine.
About Calpine
Calpine Corporation is helping meet the needs of an economy that demands more and cleaner sources of electricity. Founded in 1984, Calpine is a major U.S. power company, currently capable of delivering nearly 24,000 megawatts of clean, cost-effective, reliable, and fuel-efficient electricity to customers and communities in 18 states in the U.S. The company owns, leases, and operates low-carbon, natural gas-fired, and renewable geothermal power plants. Using advanced technologies, Calpine generates electricity in a reliable and environmentally responsible manner for the customers and communities it serves. Please visit http://www.calpine.com for more information.
Source: Calpine Corporation
Monday November 12, 7:01 pm ET
SAN JOSE, Calif. and HOUSTON, Nov. 12 / Calpine Corporation and its affiliated debtors in possession (the "Debtors") have reached a claims settlement with Law Debenture Trust Company of New York, as successor indenture trustee (the "First Lien Trustee") for the 9.625% First Priority Senior Secured Notes due 2014 (the "Calpine First Lien Debtholders"). Additionally, Calpine reached a claims settlement with the holders of the First Priority Secured Floating Rate Notes due 2009 issued by Calpine Generating Company LLC ("CalGen") and CalGen Finance Corporation and First Priority Secured Institutional Term Loans due 2009 issued by CalGen (the "CalGen First Priority Noteholders") and the indenture trustee and administrative agent for such notes (the "First Priority Debt Representatives"). Both of these settlements are subject to approval by the U.S. Bankruptcy Court.
"In reaching these settlements, we have successfully addressed one of our last major hurdles before emerging from Chapter 11 as a financially stable, stand-alone company with an improved competitive position in the energy industry," said Robert P. May, Calpine"s Chief Executive Officer. "We are very pleased to have reached this agreement, and we continue to be proud of what we have accomplished thus far in this process. We remain on track with our current timetable and expect to emerge from Chapter 11 prior to Jan. 31, 2008."
Under the agreement with the Calpine First Lien Debtholders, the claims for make whole premium and damages claims asserted by the First Lien Trustee and disputed by the Debtors and the Official Committee of Unsecured Creditors have been settled and will be allowed as claims against Calpine in the aggregate amount of approximately $84 million plus interest, representing an allowed secured claim of approximately $50.4 million, plus interest at the contract non-default rate and an allowed unsecured claim of approximately $33.6 million, plus interest at the contract non-default rate. In addition, the Debtors have agreed to pay up to $3.5 million of the reasonable professional fees incurred by the First Lien Trustee.
Under the agreement with the CalGen First Priority Noteholders, the claims for contract damages and default interest asserted by the First Priority Debt Representatives and disputed by the Debtors have been settled and will be allowed as unsecured claims against CalGen in the aggregate amount of approximately $50 million plus interest at the federal judgment rate, representing approximately $20.1 million on account of make whole premium and damages claims and approximately $29.1 million on account of default interest claims. In addition, the Debtors have agreed to pay up to $3 million of the reasonable professional fees incurred by the First Priority Debt Representatives and up to $684,000 of the reasonable professional fees incurred by Whitebox Advisors LLC.
The Debtors will seek approval of these agreements from the United States Bankruptcy Court for the Southern District of New York on November 27, 2007.
Calpine"s court documents are available at http://www.kccllc.net/calpine.
About Calpine
Calpine Corporation is helping meet the needs of an economy that demands more and cleaner sources of electricity. Founded in 1984, Calpine is a major U.S. power company, currently capable of delivering nearly 24,000 megawatts of clean, cost-effective, reliable, and fuel-efficient electricity to customers and communities in 18 states in the U.S. The company owns, leases, and operates low-carbon, natural gas-fired, and renewable geothermal power plants. Using advanced technologies, Calpine generates electricity in a reliable and environmentally responsible manner for the customers and communities it serves. Please visit http://www.calpine.com for more information.
Source: Calpine Corporation