Calpine Announces Final Results of Plan of Reorganization Voting; 91% of Ballots Cast Vote to Accept Plan

    Vote Illustrates Broad-based Support for Plan

    SAN JOSE, Calif. and HOUSTON, Dec. 12 /CNW/ -- Calpine Corporation (Pink
Sheets: CPNLQ) and its affiliated debtors and debtors in possession
(collectively, "Calpine") announced today that the voting results for
Calpine's Fourth Amended Joint Plan of Reorganization (the "Plan") have been
filed with the U.S. Bankruptcy Court for the Southern District of New York.
Voting by classes of creditors entitled to vote on the Plan illustrate
broad-based support for the Plan.  Of the more than 2,400 ballots cast, 2,270
or 91% of all voting creditors aggregated across classes voted to accept the
Plan (excluding ballots cast by Holders of Interests).  78.4%
($12,744,373,944.77) of the total amount voted by all creditors aggregated
across classes voted to accept the Plan.
    Although no assurances can be made, Calpine believes that the Plan
satisfies the requirements of the Bankruptcy Code and is confirmable
notwithstanding the rejection of the Plan by certain classes.  A confirmation
hearing on the Plan is scheduled to begin on Dec. 17, 2007.
    "Calpine's reorganization has addressed a significant number of very
complex issues," said Robert P. May, Calpine's Chief Executive Officer.  "As
underscored by the support of many of our creditors, we believe our plan
represents a fair and equitable outcome for all the creditors involved and is
a testament to the dedication and tireless efforts of all those involved in
the process."
    May added, "Calpine is now poised to emerge from bankruptcy as a
financially stable, stand-alone company with an improved competitive position
in the energy industry.  We could not have reached this point without the
strong support provided by our customers, suppliers and the loyal employees
who remained focused on our business and supportive during our bankruptcy."
    With regard to the vote, classes consisting of "Senior Note Claims,"
"ULC1 Settlement Claims," "Canadian Intercompany Claims," "Unsecured Makewhole
Claims," and "Unsecured Convenience Class Claims" voted to accept the Plan.
Classes consisting of "General Note Claims," "Subordinated Note Claims,"
"Canadian Guarantee Claims," "Rejection Damages Claims," "General Unsecured
Claims" and "Interests" voted to reject the Plan.  Other classes of creditors
hold claims that are either "unimpaired" or completely impaired under the Plan
and therefore are not entitled to vote on the Plan.  These classes are "First
Lien Debt Claims," "Second Lien Debt Claims," "Other Secured Claims," "Other
Priority Claims," "Intercompany Claims, "CalGen Makewhole Claims," and
"Intercompany Interests."
    Details of the voting results including votes on a class-by-class basis
will be available on Dec. 12, 2007, at the following website: .
    About Calpine
    Calpine Corporation is helping meet the needs of an economy that demands
more and cleaner sources of electricity.  Founded in 1984, Calpine is a major
U.S. power company, currently capable of delivering nearly 24,000 megawatts of
clean, cost-effective, reliable, and fuel-efficient electricity to customers
and communities in 18 states in the U.S.  The company owns, leases, and
operates low-carbon, natural gas-fired, and renewable geothermal power plants.
Using advanced technologies, Calpine generates electricity in a reliable and
environmentally responsible manner for the customers and communities it
serves.  Please visit for more information.
    Forward Looking Statement
    In addition to historical information, this release contains
forward-looking statements within the meaning of Section 27A of the Securities
Act and Section 21E of the Exchange Act.  We use words such as "believe,"
"intend," "expect," "anticipate," "plan," "may," "will" and similar
expressions to identify forward-looking statements. Such statements include,
among others, those concerning our expected financial performance and
strategic and operational plans, as well as all assumptions, expectations,
predictions, intentions or beliefs about future events. You are cautioned that
any such forward-looking statements are not guarantees of future performance
and that a number of risks and uncertainties could cause actual results to
differ materially from those anticipated in the forward-looking statements.
Such risks and uncertainties include, but are not limited to: (i) the risks
and uncertainties associated with our Chapter 11 cases and Companies'
Creditors Arrangement Act (CCAA) proceedings of certain of Calpine's Canadian
affiliates, including our ability to successfully reorganize and emerge from
Chapter 11; (ii) our ability to implement our business plan; (iii) financial
results that may be volatile and may not reflect historical trends; (iv)
seasonal fluctuations of our results; (v) potential volatility in earnings
associated with fluctuations in prices for commodities such as natural gas and
power; (vi) our ability to manage liquidity needs and comply with covenants
related to our existing financing obligations and anticipated exit financing;
(vii) the direct or indirect effects on our business of our impaired credit
including increased cash collateral requirements in connection with the use of
commodity contracts; (viii) transportation of natural gas and transmission of
electricity; (ix) the expiration or termination of our power purchase
agreements and the related results on revenues; (*) risks associated with the
operation of power plants including unscheduled outages; (xi) factors that
impact the output of our geothermal resources and generation facilities,
including unusual or unexpected steam field well and pipeline maintenance and
variables associated with the waste water injection projects that supply added
water to the steam reservoir; (xii) risks associated with power project
development and construction activities; (xiii) our ability to attract, retain
and motivate key employees; (xiv) our ability to attract and retain customers
and contract counterparties; (xv) competition; (xvi) risks associated with
marketing and selling power from plants in the evolving energy markets; (xvii)
present and possible future claims, litigation and enforcement actions;
(xviii) effects of the application of laws or regulations, including changes
in laws or regulations or the interpretation thereof; and (xix) other risks
identified from time-to-time in Calpine's reports and registration statements
filed with the SEC, including, without limitation, the risk factors identified
in its Annual Report on Form 10-K for the year ended December 31, 2006 and
Quarterly Reports on Form 10-Q.  Actual results or developments may differ
materially from the expectations expressed or implied in the forward-looking
statements and Calpine undertakes no obligation to update any such statements.
Unless specified otherwise, all information set forth in this release is as of
today's date and Calpine undertakes no duty to update this information. For
additional information about Calpine's chapter 11 reorganization or general
business operations, please refer to Calpine's Annual Report on Form 10-K for
the fiscal year ended December 31, 2006, Calpine's Quarterly Reports on Form
10-Q, and any other recent Calpine report to the Securities and Exchange
Commission.  These filings are available by visiting the Securities and
Exchange Commission's website at or Calpine's website at .

For further information:

For further information: media, Mel Scott, +1-713-570-4553,, or investor relations, Norma Dunn, +1-713-830-8883,, both of Calpine Corporation Web Site:

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