Even in bankruptcy, Calpine continues to spark intense interest.
About 10 potential investors, including a veritable who's who of private-equity heavyweights, are in the running to take equity stakes in the restructuring power company, TheStreet.com has learned.
Calpine, which rang up some $23 billion in debt in acquiring the nation's largest fleet of natural gas-fired plants before faltering into Chapter 11 more than a year ago, has been soliciting bids in an effort to re-emerge by year-end.
Firms asked to submit offers include the Carlyle Group, Kohlberg Kravis Roberts, TPG Capital, the Blackstone Group and Hellman & Friedman. Equity Capital Partners, a private energy investment firm run by former Goldman Sachs (GS - Cramer's Take - Stockpickr - Rating) executives, also is part of the roster.
Calpine has risen from the ashes of $.24 to $3.27 as of this typing on 4/13/07. |
