Calpine files plan to exit bankruptcy

Independent power producer Calpine Corp. filed its restructuring plan with a Bankruptcy Court in New York , 18 months to the day after the company first sought protection from its crushing debt burden.

Under the reorganization plan, Calpine said, unsecured creditors would receive 91% to 100% of their allowed claims.

In addition, holders of existing Calpine common stock would potentially receive the equivalent of $1.80 a share for their claims.

The company said it expected the plan to be confirmed during the fourth quarter.

Assuming the company exits bankruptcy protection by Dec. 31, it would have a reorganization value of about $21.7 billion.

Calpine said it received commitments for an $8-billion exit-financing facility from a group including Goldman Sachs and Morgan Stanley as part of the reorganization.