die gehen pleite, das ist dann der grosse Absacker

verfasst von uluwatu, 29.11.2005, 17:19

-->UPDATE 4-Calpine replaces CEO, chief financial officer
11/29/05 4:47 PM

(Adds bond move, company no comment, paragraphs 3, 4, 14)
By Ben Berkowitz
NEW YORK, Nov 29 (Reuters) - Calpine Corp. <CPN.N> on
Tuesday replaced its chief executive and chief financial
officer, as the independent power producer struggles with a $17
billion debt load and a recent court ruling that restricts its
ability to buy fuel for its plants.
Calpine shares lost more than a third of their value in early New
York Stock Exchange trading, as one analyst said the move indicated
bankruptcy for the heavily-indebted company was now an option. Its
bonds fell sharply as well.
A Calpine spokeswoman declined to comment on the potential
for bankruptcy.
Calpine, weighed down by accounting and power pricing
issues that arose from the Enron collapse and the California
power crisis in 2000-2001, named lead director Kenneth Derr
chairman and acting chief executive, replacing Peter
Cartwright.
The largest U.S. independent power producer also named Eric
Pryor interim chief financial officer, replacing Robert Kelly.
"It's hard to read the press release without drawing
conclusions that the board is now willing to take more
aggressive steps toward restructuring," said Jon Cartwright, a
debt analyst at BOSC Inc. and no relation to Peter Cartwright.
"It's not clear that they have a plan in place but I think
we have to conclude that bankruptcy is now on the table," he
said.
The San Jose, Calif. company said it would announce a new
CEO"in the very near future" to replace Cartwright, who
founded the company.
Last week, a Delaware judge ruled Calpine improperly used
asset sale proceeds to purchase natural gas to fire its power
plants. He blocked future use of the proceeds to buy gas and
said the company would have to come up with some kind of remedy
for the $313 million already spent to buy gas.
Calpine, which has been squeezed by low wholesale power
prices since the end of the California energy crisis as well as
the heightened focus on credit quality since the collapse of
Enron, faces a debt burden of more than $17 billion.
It has warned it may not be able to meet all of its
debt-reduction goals for 2005, and has been selling assets to
help meet those goals.
Shares of Calpine fell about 37 percent percent to 79 cents on
the NYSE. Its bonds with an 8.5 percent coupon due in 2011 fell to 26
cents on the dollar from 36 cents on Monday, according to
MarketAxess.

Thread gesperrt

 

gesamter Thread:

• Hab mir mal ein paar Calpines (CPN) ins Depot gelegt - Prosciutto, 23.11.2005, 17:43
  • Uiuiui, Glück gehabt: Calpine (CPN) gestern verkauft, heute vorbörslich -30% - Prosciutto, 29.11.2005, 15:10
    • Der grosse Absacker kommt erst beim Rausschmiss aus dem Big Board. (o.Text) - Ecki1, 29.11.2005, 15:51
      • Ach so, -40.80% auf 0.74$ sind erst ein kleiner Absacker. (o.Text) - Prosciutto, 29.11.2005, 17:09
        • die gehen pleite, das ist dann der grosse Absacker - uluwatu, 29.11.2005, 17:19
          • CPN heisst bald CALPQ.PK oder so ;-))) (o.Text) - Ecki1, 29.11.2005, 17:22
            • Frage: Könnte Calpine jetzt noch ihre Aktien um die Häfte reduzieren (2:1)? - Prosciutto, 29.11.2005, 20:25
              • Re: Ja, klar. Sog."reversed stock split" - Per_Jakobsson, 29.11.2005, 20:40
                • Danke. Soeben S&amp;P downgrade auf CCC mit negativen Aussichten. Das wars wohl (o.Text) - Prosciutto, 29.11.2005, 21:26
            • Calpine raus aus dem S&amp;P500-Board und extrem hohe Volumen - Prosciutto, 01.12.2005, 19:22
            • Re: CPN heisst bald CALPQ.PK oder so ;-))) (o.Text) // heisst jetzt CPNL.PK... - Prosciutto, 06.12.2005, 20:05
        • Präzise. (o.Text) - Ecki1, 29.11.2005, 17:20
          • Ich hätte noch einen Zwinker-Smiley setzen sollen:-)). - Prosciutto, 29.11.2005, 17:29