CPN: Calpine Corporation Message Board

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Gold/Mining/Energy : CPN: Calpine Corporation

FRO 24.23

-3.3%

Nov 3 3:59 PM EST

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From: Dennis Roth	12/8/2007 11:34:01 AM
	of 555

Calpine to return to NYSE next year S.J. ENERGY COMPANY PLANS TO GET OUT OF BANKRUPTCY By Matt Nauman Mercury News Article Launched: 12/06/2007 01:38:21 AM PST mercurynews.com Calpine, the San Jose energy company that went bankrupt in 2005, said late Wednesday that it plans to return to the New York Stock Exchange early next year. In a statement, Calpine Chief Executive Robert May said re-listing on the NYSE is "another positive step forward in our restructuring process." The company, which operates 85 natural gas and geothermal power plants, mostly in California and Texas, has said it intends to emerge from bankruptcy before Jan. 31, 2008. Last month, Calpine said its total enterprise value would be $18 billion to $20 billion - with a mid-point target of $19.35 billion - when it emerged from bankruptcy, about $900 million less than previously anticipated. That news sent its stock tumbling by nearly 50 percent. A federal bankruptcy judge in New York City this month will determine Calpine's value and approve its reorganization plan. Calpine filed for Chapter 11 bankruptcy protection in December 2005 with $22 billion in debt on the heels of the California energy crisis and a plant-building spree in the 1990s. Calpine has been traded via the over-the-counter pink-sheet market. Since reaching its 52-week high of $4.15 in April, its shares have steadily fallen. It closed Wednesday at 67 cents, down 8 cents or 10.67 percent. The company plans to use the symbol CPN once it returns to the NYSE.

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