Calpine Files Chapter 11 Reorganization Plan

Law360, New York (June 21, 2007, 12:00 AM EDT) -- Calpine Corp. has filed a reorganization plan and accompanying disclosure statement under which both unsecured creditors and shareholders are expected to be compensated.

The plan, which is still subject to approval from both the court and the bankruptcy stakeholders, estimated that the reorganized company would have a midpoint reorganization value of $21.7 billion, including about $1.4 billion in distributable cash.

Calpine also estimated that allowable claims would range from $20.1 billion to $22.3 billion, and that general unsecured creditors would receive between 91% and 100% of...
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