25.9.2007: Meldung: Calpine Files Third Amended Plan of Reorganization
The Amended Plan generally maintains all key terms provided under Calpine"s previously filed Plans, and the Disclosure Statement has been amended to address certain objections to the Debtors" motion to approve the Disclosure Statement, which is set to be heard by the U.S. Bankruptcy Court on September 25. Calpine remains on track to have the Amended Plan confirmed during the Fourth Quarter 2007.
As previously announced on Aug. 27, 2007, assuming Calpine"s Amended Plan is confirmed by Dec. 31, 2007 and subject to the assumptions set forth in the Disclosure Statement, Calpine estimates that the reorganized Calpine will have a midpoint reorganization value of $21.7 billion (reorganization value is equal to total enterprise value plus estimated distributable cash). At emergence, Calpine estimates that its total enterprise value will be between $19.2 billion to $21.3 billion, with a midpoint of $20.3 billion, and estimates that distributable cash will be approximately $1.4 billion.
Allowed claims are anticipated to range from $20.3 billion to $22.0 billion after completion of Calpine"s claims objection, reconciliation, and resolution process. Under this range of potential allowed claims, general unsecured creditors will receive from 95 percent to 100 percent of their allowed claims.
For existing holders of allowed interests (primarily holders of existing Calpine common stock) and holders of allowed subordinated equity securities claims, Calpine currently estimates that their return would be approximately $1.94 per existing share of Calpine common stock (calculated assuming the midpoint of the reorganization value). Because disputed claims and the total enterprise value of Calpine upon its emergence have not yet been finally adjudicated, no assurances can be given that actual recoveries to creditors and interest holders will not be materially higher or lower.
Calpine"s Amended Plan and Disclosure Statement are available at http://www.kccllc.net/calpine.
This release is not intended as a solicitation for a vote on the Amended Plan.
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