IPPs and Merchant Energy Co.s Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : IPPs and Merchant Energy Co.s

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: tom pope	11/29/2005 9:03:34 AM
	Read Replies (1) of 3358

Last gasp? NEW YORK (Reuters) - Calpine Corp. (NYSE:CPN - News) on Tuesday replaced its chief executive and chief financial officer in a move the embattled independent power producer said was intended to address its financial problems. Calpine named lead director Kenneth Derr chairman and acting chief executive, replacing Peter Cartwright. It also named Eric Pryor interim chief financial officer, replacing Robert Kelly. The company said it would announce a new CEO "in the very near future." Last week, a Delaware judge ruled Calpine improperly used asset sale proceeds to purchase natural gas to fire its power plants. Besides blocking the future use of those proceeds for such uses, the judge also said the company would have to come up with some kind of remedy for the $313 million already spent on gas. Calpine faces a debt burden of more than $17 billion and has said its may not meet all of its debt-reduction goals for 2005.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next