Calpine Provides Additional Information Regarding Distributions

    SAN JOSE, Calif. and HOUSTON, Feb. 4 /CNW/ -- Calpine Corporation (NYSE:  
CPN-WI), as previously announced, has successfully emerged from Chapter 11
bankruptcy protection and has begun distribution of its new common stock to
holders of allowed unsecured claims.  Distributions of the new common stock
are ongoing.  Calpine anticipates distributing approximately 423 million
shares of the new common stock to holders of allowed unsecured claims in the
initial phase of distributions.  Calpine is providing detailed information
with respect to the anticipated amount of the initial distribution to various
classes of allowed unsecured claims on our website at:
    Of the 485 million shares of new common stock intended to be distributed
under Calpine's Sixth Amended Joint Plan of Reorganization, Calpine reserved
approximately 62 million shares on account of disputed unsecured claims and
general contingencies.  Pursuant to the terms of the Plan, with respect to
each disputed unsecured claim, Calpine was required to reserve the lesser
number of shares necessary to satisfy the claim based upon:

    --  The asserted amount of the claim (or if the claim is contingent or
        unliquidated, the amount Calpine, in consultation with the creditors'
        committee, elected to reserve);
    --  An amount estimated by the Bankruptcy Court; or
    --  An amount agreed upon by the holder of the claim and Calpine.
    Further details regarding the formula used to determine the number of
shares reserved for disputed unsecured claims is contained in the Plan, which
is available on Calpine's website.
    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 the ability to successfully implement
Calpine's Plan of Reorganization as confirmed; (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 Relations, Mel Scott, +1-713-570-4553,, or Investor Relations, Norma Dunn, +1-713-830-8883,, both of Calpine Corporation Web Site:

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890