PF Archive

Calpine enters chapter 11

21 12 2005

Calpine Corporation has filed for chapter 11 bankruptcy protection, after failing to come up with a way of meeting the servicing obligations attached to $17 billion in debt. It filed at the United States Bankruptcy Court for the Southern District of New York on 20 December. It has lined up $2 billion in debtor-in-possession financing from Credit Suisse First Boston and Deutsche Bank. This is secured upon its operating subsidiaries (an annex listing these...