Rettung in letzter Minute??? Calpine erklärt sich für Zahlungsfähig! - 500 Beiträge pro Seite

[donnerpower]

Calpine says could repay money sooner
Thu Dec 15, 2005 3:51 PM ET

By Sarah Coffey

WILMINGTON, Delaware (Reuters) - Embattled power producer Calpine Corp. (CPNL.PK: Quote, Profile, Research) told the Delaware Supreme Court on Thursday that, if ordered to do so, it can repay $312 million that it misspent on fuel earlier than the January 22 deadline imposed by a lower court.

Calpine had previously said that it was not sure it could repay the money by the deadline and was at risk of bankruptcy. But the company`s lawyers said on Thursday that Calpine could make good on the repayment and was also seeking to raise new funds.

"(Calpine) is in the process of attempting to enter into financing transactions," said Robert Haney, an attorney for Calpine, at an appeals hearing before the court. "Obviously it`s easier to do that in the longer term."

The court statement by the Calpine attorney "suggests that the new management is not as inclined to file for bankruptcy," said Jon Cartwright, an analyst at BOSC Inc.

The court heard arguments from Calpine, one of the biggest U.S. power generators, and Wilmington Trust (WL.N: Quote, Profile, Research), as trustees for Calpine`s first and second lien note holders.

Calpine is appealing a Delaware Court of Chancery ruling that it violated terms of its debt by using $312 million in asset sale proceeds to buy gas for fuel, saying it should be reversed because the court misinterpreted the terms.

The Chancery Court ordered Calpine to repay the money to the bank account from which it came in the first place, an account intended to be used only for the repayment of debt and the purchase of certain kinds of designated assets.

Wilmington is asking the Supreme Court to uphold the Chancery Court`s ruling and to accelerate Calpine`s repayment to January 3.

Wilmington agreed last week to hold off forcing Calpine to repay $3 billion in second-lien notes until the appeal is decided and a repayment deadline is confirmed.

Wilmington said it wants the money sooner rather than later because then, "they won`t be able to use the monies in that account for any other reason," attorney Laurence Greenwald said in court.

The Supreme Court, after an hour-long hearing, adjourned and said it expected to rule on the appeals promptly.

Even before the hearing, though, analysts said it did not matter in the long run if the court cut Calpine`s time to repay the money.

"The tightening of the time frame ... (is) clearly important but ... I don`t think that time frame of 20 days is really going to be that meaningful," said Caesar Silvestro, an analyst at Samco Capital Markets.

[donnerpower]

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Alter Nasdaq Chart

[donnerpower]

Heute 0,46-0,48 $

[donnerpower]

Die Amis machen das mal richtig wer nicht Gewinne mit nehmt dem bestraft das L......

[donnerpower]

Calpine, Creditors Take Dispute to Court
Thursday December 15, 10:14 pm ET
By Randall Chase, AP Business Writer



WILMINGTON, Del. (AP) -- Calpine Corp. was within its rights to use proceeds from the sale of its natural gas assets to buy stored natural gas to operate power plants, an attorney for the struggling power merchant told the Delaware Supreme Court on Thursday.



Attorneys for Calpine`s secured creditors, meanwhile, argued that a lower court judge who ruled that the company improperly spent the sale proceeds nevertheless abused his discretion in giving Calpine until Jan. 22 to restore about $312 million into an escrow account.

An attorney representing Wilmington Trust in its capacity as trustee for holders of Calpine`s second-lien secured debt said the debt holders are entitled to a tender offer from Calpine by Jan. 3, and have been harmed by Chancery Court Judge Leo Strine Jr.`s decision giving Calpine three more weeks to come up with the money.

"It was an abuse of his discretion," attorney Laurence Greenwald said. "Who are we trying to protect here?"

The Supreme Court heard arguments for more than an hour but did not issue an immediate decision, which could help determine whether San Jose, Calif.-based Calpine, saddled with a heavy debt load, seeks bankruptcy protection.

Calpine and Wilmington Trust both appealed to the state`s highest court after Strine issued his final decision earlier this month in a lawsuit filed by Calpine seeking to force the Bank of New York to release up to $400 million in the escrow account. The account was frozen after bondholders complained that Calpine`s use of some proceeds from the $1 billion sale of its remaining natural gas supplies this summer was not allowed under its indenture agreements.

Calpine used $139 million in sale proceeds to buy back some of its top-priority debt at face value, but other bondholders refused to sell at that price. The company then withdrew more than $300 million to buy natural gas, a move that angered some bondholders and prompted the Bank of New York to freeze the escrow account.

[donnerpower]

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Volumen sehr gut...jetzt machen die Daytrader erst richtig Kasse

[donnerpower]

Delaware Court Upholds Calpine Ruling

By THE NEW YORK TIMES
Published: December 17, 2005
WILMINGTON, Del., Dec 16 - The Delaware Supreme Court upheld a lower court decision on Friday requiring the Calpine Corporation to restore $312 million to an escrow fund by Jan. 22.

The court rejected an appeal by Calpine bondholders seeking to force Calpine to restore the funds by Jan. 3. But it accepted their contention that Calpine`s use of the funds to buy natural gas to run its power plants violated the bondholders` agreement with the company, which is based in San Jose, Calif.

In a 10-page ruling, Justice Jack Jacobs, writing for a three-judge panel, said Calpine could use money from the fund to buy authorized replacement assets until Jan. 3.

From Jan. 3 to Jan. 22, the money could be used only for a tender offer for second lien noteholders, the court ruled. Its ruling on restoring funds upheld a decision made earlier this month by Judge Leo E. Strine Jr. of Chancery Court.

[czujackh]

Kann von euch mal jemand ne Einschätzung geben? Lohnt sich`s noch am Ball zu bleiben?

[donnerpower]

@czujackh

Entweder Calpine macht bis Januar 100-200% oder das Boot geht langsam unter!

Geld soll vorhanden sein(wo auch immer das her kommen soll)
Die Banken müssen nach dem positiven Gerichtsurteil für Calpine auf hier Geld warten und dürfen es nicht sofort verlangen!

Ganz einfach ROT oder SCHWARZ .... 50% zu 50%

Also Leute nur Spielgeld(erst_mal) !!!

[shews]

czujackh

Mit meinen Einschätzungen liege ich häufig genug daneben, aber seis drum.

Es kann jederzeit eine Nachricht kommen, die die Lage entscheidend verändert, auch die der Insolvenz.

Diese scheint mir aber in den nächsten drei, vier Wochen unwahrscheinlich, weil Calpine wiederholt gesagt hat es könne die eingeforderte Summe aufbringen.

Investierte Leute wie ich warten jetzt auf ein ausführliches Statement des neuen CEO, dass die Hoffnung auf ein zumindest mittelfristiges Überleben von Calpine bestätigt. Eigendlich ist jetzt Calpine an der Reihe, mal was zu verlautbaren und der neue Vorstandsvorsitzende (CEO) die ihm entgegengebrachten Vorschusslorbeeren zu rechtfertigen.

Sollte dies eintreten, sehe ich einen Kursaufschwung bis zumindest $0,50.

Calpine hatte in den letzen Wochen in den USA eine extrem schlechte Presse. Der Grund dafür scheint jetzt fraglich. Ein Umschwung der Meinung hin zu einem positiveren Blick geht aber wohl nicht von heute auf morgen. Entsprechend kann eine mögliche positive Kursentwicklung langsamer verlaufen als viele sich erwünschen.

Da ich zu $0,23 eingestiegen bin, bleibe ich relaxed. Bis zum 22.Januar ist noch viel Zeit. Ich spekuliere auf einen Verkauf bei $0,49 bis dahin.

[donnerpower]

Der Ideale Wert für Daytrader

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[Bulledog]

Es sieht wirklich sehr schlecht aus!!! Wenigstens die Kursentwicklung!!!

Was ist bloss los, dass sie in drei Tagen über 50% verlieren müssen????????????????????

[czujackh]

Bissle erholt hat sich der Kurs ja wieder. In der USA übrigens auch. Sind knapp 1% im plus bis jetzt..
Aber hab mir bissle mehr erhofft :-( Zumindest nach der Nachricht und dem Kursanstieg letzten Donnerstag bzw. Freitag.

[donnerpower]

Was ist bloss los, dass sie in drei Tagen über 50% verlieren müssen

Sie haben auch vorher 70-80% zugelegt ;-)

Der Wert ist zur Zeit das beste was den erfahrenen Datrader passieren kann!
Bis Ende/Mitte Januar ist noch Zeit somit,fährt der Kurs jeden Tag hoch und runter alleine heute zwischen 13,8% im minus auf 2,4% hoch im plus macht fast 20% Gewinn!!!

Solange wir hier ein hohen Handelsvolumen haben,ist dieser Wert nur ein Spielball!

Ich wundere mich schon über eure Reaktionen ,hier wißt wohl nicht was für ein Wert vor euch liegt!!!

Hier werden sich noch viele die Finger verbrennen

[360]

bist du eigentlich mit an Bord donnerpower? 360

[donnerpower]

Chapter 11 ist ja nun wirklich keine Überraschung wie ich gestern noch gesagt habe hier werden sich viele noch die Finger verbrennen ,habe jetzt drei mal in den letzten Tagen getradet!
Werde mit Spiegeld in nächsten Tagen vielleicht noch mal einsteigen,da hier im Gegensatz zu Enron keine Zahlen gefälscht worden sind und ich hier eine kleine Chance wie im Fall Dynegy sehe!

Aber bitte nicht vergessen Chapter 11 wird Monate/Jahre andauern und ein Totalverlust am Ende ist hier nicht ganz weit weg !

Jetzt muss sich erst mal der neue CEO zu Wort kommen.....

[donnerpower]

Eins sollte man positiv sehen :

Der erste Schachzug wurde gesetzt , jetzt kann man getrost die nächsten Kosten für die Kraftwerke bezahlen Denn eins ist im Chapter 11 klar das tägliche Geschäft steht jetzt vor den Schulden

[donnerpower]

Der zweite Schachzug .....





Ormat readies for swoop on Calpine geothermal assets

Ormat Technologies has filed a shelf registration with the SEC for raising $1 billion.

Merav Ankori 18 Jan 06 19:17

Less than a month ago, US energy giant Calpine filed for chapter 11 bankruptcy. Since then, the analysts that cover Ormat Industries (TASE: ORMT) have busied themselves with the question where Ormat might fit into the picture. At the close of trading in New York yesterday, Ormat apparently took its first step towards answering that question when its subsidiary Ormat Technologies, Inc., (NYSE: ORA) announced that it had filed a universal shelf registration statement with the Securities and Exchange Commission ("SEC").
The shelf registration statement, when declared effective by the SEC, will provide Ormat Technologies the opportunity to issue various types of securities, including debt securities, common stock, warrants and units of Ormat Technologies, from time to time, in one or more offerings up to a total of $1 billion.

In a small section of the prospectus, Ormat says that money raised will be used for financing possible acquisition and for repurchase of its own shares.

Analyst Yuval Ben-Zeev of Clal Finance Batucha points out that foreign investors own only 23% of Ormat Technologies, which makes it unlikely that Ormat will buy its shares. According to Ben-Zeev, "They are ensuring themselves freedom of action, should the need arise, but it doesn`t seem as though this is what they intend. That`s not the aim."

It is very likely that Ormat is arming itself with cash to be ready the moment that Calpine`s geothermal assets are offered for sale.

[360]

wie siehst du den weiteren Verlauf? Gruss 360

[donnerpower]

@360

Der Wert wird noch mal richtig anspringen ..leider kann man bis jetzt noch nicht erahnen was der neue CEO mit den alten Shares vor hat!Eins ist klar Calpine wird gerettet ob auch die Shares wird sich zeigen!

GAS wird immer gebraucht..das wissen nicht nur die Zocker

[donnerpower]

Die nächste Zeit wird hier sehr Spannend zu gehen;-)



SAN FRANCISCO, Jan 23 (Reuters) - California utility regulators this week are expected to make decisions that would let bankrupt utility Calpine Corp. (CPNLQ.PK: Quote, Profile, Research) keep natural gas flowing to key power plants and to approve an electricity contract with a San Diego utility.

The California Public Utilities Commission will decide on Thursday whether to authorize PG&E Corp.`s (PCG.N: Quote, Profile, Research) Pacific Gas & Electric Co. unit, the state`s biggest utility, to step in and buy gas for certain plants if Calpine`s financial problems prevent it.

The plants involved are in Northern California and generate electricity under "must run" contracts with the California System Operator, an agency that manages most of the state`s grid.

Under the ISO market system, the plants ensure there is enough electricity on the grid to meet customer demand.

The regulators also will vote on a bid by the San Diego Gas & Electric unit of Sempra Energy (SRE.N: Quote, Profile, Research) to sign a 10-year contract to buy electricity from Calpine`s partially completed Otay Mesa Energy Center south of San Diego.

A power purchase deal is needed to secure the financing for the project.

San Jose, California-based Calpine filed for bankruptcy protection in New York last month, listing $22 billion of total debt and more than $26 billion in assets.

PG&E told the regulatory commission last month if Calpine plants can`t run, the utility`s grid reliability in Northern California could be damaged.

With Calpine supplying about 25 percent of PG&E`s power needs, there should be a "contingency plan in place in the event that Calpine should be unable to purchase and deliver gas and PG&E`s system faces reliability problems," a CPUC administrative law judge wrote in a draft decision.

Calpine, however, said the CPUC would not have any oversight over PG&E`s actions and it was concerned about the utility sharing confidential Calpine customer information between PG&E business units. It urged the CPUC to adopt "limits and safeguards" to protect its operations.

In the second Calpine issue, the uncompleted 593-megawatt Otay Mesa plant is needed to add more electricity to the Southern California grid, CPUC President Michael Peevey said in a recent interview.

"If (the plant) doesn`t go forward in a reasonable period of time, that`s a significant negative resource impact for California. We need these new combined cycle plants that have less pollution," Peevey said.

Two groups representing utility consumers opposed the purchase contract on grounds it would not save money for SDG&E`s customers.

A CPUC judge, however, said regulators should approve the deal as in the public interest.

Calpine spokesman Kent Robertson said the company "has been optimistic all along that the value of the contract will be recognized and approved.

"A contract is needed in order to secure the project financing," he said, with a target for the plant to be in service by Jan. 1, 2008.

[360]

machst du dir keine Sorgen um deine aktien?. Gut und recht, dass es u.U. weitergeht nur was hilft uns das, wenn plötzlich unsere Aktein nichts mehr Wert sind. Wie denkst du darüber? Thanks 360

[donnerpower]

@360

Ich bin nur mit Spielgeld drin...und stehe ordentlich im Plus...die Shares werden noch Monate 100% handelbar sein!

Das ist ein Zock und kein Investment mehr!

[donnerpower]

Calpine to resubmit $2 bln DIP financing package
Wed Jan 25, 2006 02:55 PM ET
NEW YORK, Jan 25 (Reuters) - Bankrupt power producer Calpine Corp. (CPNLQ.PK: Quote, Profile, Research) will submit a revised $2 billion debtor-in-possession financing package on Wednesday, which a judge indicated he was likely to approve after a lengthy hearing dealt with all the objections to the plan.
Calpine filed for bankruptcy Dec. 20, weighed down by $22 billion-plus in debts after an aggressive expansion plan ran head on into markets weakened by the 2000-2001 California energy crisis and the 2001 collapse of Enron Corp.

A total of 19 objections were overruled or withdrawn during a 4-hour-plus hearing in U.S. Bankruptcy Court in Manhattan. Judge Burton Lifland indicated he was likely to approve the new plan, though it was not clear if he would actually do so on Wednesday.

The financing package was led by Deutsche Bank and Credit Suisse. Witnesses for Calpine at the hearing indicated the company was unlikely to use more than $1.6 billion to $1.7 billion of the financing.

The facility is secured by Calpine`s best asset, the Geysers geothermal power plant in California. In court, Calpine indicated it had received a letter from a major investment bank offering $2.5 billion to $3 billion cash to purchase the Geysers facility, though it did not express any intention to actually sell it.

Calpine also said it has not received any higher or better proposals for the DIP financing than the package in place.

[urfin]

na das is doch was!deutsche bank und schweizer bank haben nichts zu verschenken und investieren 2 milliarden us dollar !nicht schlecht,ich rieche ne kostolany-aktie