New Estimate Says Reorganized Calpine Worth $19B

Law360, New York (November 20, 2007, 12:00 AM EST) -- A reorganized Calpine Corp. would be worth close to $19.35 billion, according to the updated valuation report the bankrupt power provider released in preparation for a confirmation hearing on its plan to exit Chapter 11.

The new valuation analysis, which Calpine submitted to the U.S. Bankruptcy Court in Manhattan on Monday, is based on operating and financial forecasts, including an updated estimate of the company’s cash earnings before interest, taxes, depreciation, amortization, operating rent and restructuring charges from 2008 through the end of 2013.

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