Calpine resumes trading on NYSE
Thursday February 7, 4:45 pm ET
Calpine Corp. on Thursday resumed trading on the New York Stock Exchange with newly issued stock.
Calpine's (NYSE:CPN $16.60 - News) CEO, Robert P. May, said the company "streamlined our operations and strengthened our balance sheet, and we are returning to the NYSE as a stronger and more competitive power company with one of the cleanest generating fleets in the United States."
Last week the power producer -- which has dual headquarters in San Jose and Houston -- emerged from Chapter 11 bankruptcy protection and closed a $7.3 billion exit financing facility that includes a one-year, $300 million bridge facility expected to be paid by the end of the first quarter.
The company entered bankruptcy in December 2005 with about $22 billion in debt. It has since sold off about a dozen power plants and cut its work force from about 3,300 employees to 2,200.
Calpine is one of the largest electricity producers in the state. It owns 72 natural gas and geothermal power plants across the nation and sells electricity to utilities, including Pacific Gas and Electric Co.
The company's stock closed the day at $16.60.
Published February 7, 2008 by the Silicon Valley / San Jose Business Journal
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