Calpine (CPN)

[Joe Stocks]

Calpine to initially distribute 423 mln new shares
Mon Feb 4, 2008 3:42pm EST
NEW YORK, Feb 4 (Reuters) - Power company Calpine Corp CPN.N CPN_w.N, which emerged from bankruptcy protection last week, said on Monday it expects initially to distribute about 423 million new shares of common stock to unsecured claim holders.

Calpine said it reserved about 62 million shares to account for disputed unsecured claims and general contingencies.

Calpine sought Chapter 11 protection in December 2005, burdened by more than $22 billion in debt and court battles with creditors on how to use its cash. (Reporting by Lisa Lee; Editing by Brian Moss)