Calpine Files Notice to Reset Disclosure Statement Hearing

    SAN JOSE, Calif. and HOUSTON, Aug. 29 /CNW/ -- Calpine Corporation (Pink
Sheets: CPNLQ) today announced the Company and its affiliated debtors have
filed a notice adjourning the Sept. 11, 2007, hearing date on the Disclosure
Statement and Solicitation Procedures Motion until Sept. 25, 2007, and
resetting the objection deadline to Sept. 14, 2007.
    Recently, the Official Committee of Equity Security Holders approached
the Company regarding the possibility of adding a feature to the Amended Plan
of Reorganization, filed on Aug. 27, 2007, under which current Calpine
shareholders would have rights to purchase new Calpine common stock issued
under the plan to fund a full or partial cash payout of the Company's
unsecured creditors.  The notice filing allows the Company to evaluate the
viability of this proposal -- both legally and practically -- and to engage in
discussions regarding this proposal.
    "We will continue to keep all our stakeholders informed regarding our
efforts to emerge from Chapter 11 in a manner that maximizes the Company's
value," said Robert P. May, Calpine's Chief Executive Officer.  "We remain
committed to emerging from bankruptcy as soon as possible and no later than
Jan. 31, 2008."
    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, capable of delivering more 24,600 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.
    In addition to historical information, this news release contains
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Words such as "believe," "intend," "expect," "anticipate,"
"plan," "may," "will" and similar expressions identify forward-looking
statements. Such statements include, among others, those concerning the
company's 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 the company's Chapter 11 cases and companies' Creditors Arrangement Act
proceedings, including its ability to successfully reorganize and emerge from
Chapter 11; (ii) its ability to implement its business plan; (iii) financial
results that may be volatile and may not reflect historical trends; (iv)
seasonal fluctuations of results; (v) potential volatility in earnings
associated with fluctuations in prices for commodities such as natural gas and
power; (vi) its ability to manage liquidity needs and comply with financing
obligations; (vii) the direct or indirect effects on the Company's business of
its 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 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 its 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)
its ability to attract, retain and motivate key employees; (xiv) its ability
to attract and retain customers and 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 in the Company's annual and
quarterly reports on Forms 10-K and 10-Q. All information set forth in this
news release is as of today's date, and the company undertakes no obligation
to update any forward-looking statements, whether as a result of new
information, future developments or otherwise.

For further information:

For further information: media relations, Mel Scott, +1-713-570-4553,, or investor relations, Karen Bunton, +1-408-792-1121,, both of Calpine Corporation Web Site:

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