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SINGAPORE (Reuters) - U.S.-based electricity producer Mirant Corp. (NYSE:MIR - News) has begun seeking bids for its multi-billion dollar power plants in the Philippines, sources familiar with the matter said on Wednesday. Mirant has sent out a short sale document on the asset to potential bidders, including some Japanese firms and financial investors, the sources, who asked not to be identified, told Reuters. Mirant is selling its ownership interest in three generating facilities in the Philippines -- in Sual, Pagbilao and Ilijan -- that account for 2,203 MW in generating capacity. Banking sources say the Philippine asset, estimated by some...

While bankruptcy is almost always the end of the line for common-equity shareholders, sometimes the companies themselves re-emerge with a new lease on life. Although airlines seem to habitually dip in and out of bankruptcy, other companies in fields such as telecommunications, retail, and power generation have made something of themselves on the other side of Chapter 11. On which side of the fence will independent power producer Mirant (NYSE: MIR - News) find itself? Having spent nearly three years in bankruptcy, the company emerged 70 days ago with a cleaner balance sheet and, hopefully, a better operating plan. Because...

WASHINGTON, Jan. 1 - America's corporate chieftains would prefer that Enron just go away. But four years after the company's ignominious collapse, Enron's former top executives are about to head to a climactic criminal trial later this month, serving as a reminder that changes in the behavior of many American companies have been more muted than many once expected. Despite an array of new and expensive laws and regulations that were adopted to tighten corporate oversight after the wave of scandals earlier in the decade, serious accounting problems continue to trouble publicly owned companies. In the last year, a record...

HOUSTON (Reuters) - Electricity producer Mirant Corp. (Other OTC:MIRKQ.PK - News) said on Tuesday that it had emerged from bankruptcy protection after two-and-a-half years and secured $2.35 billion in financing. The Atlanta-based company, which converted more than $6 billion of debt and liabilities into equity under its reorganization, had filed for Chapter 11 bankruptcy protection in July 2003 after failing to reach a deal with creditors to restructure its debts. Last month, power producer Calpine Corp. (Other OTC:CPNLQ.PK - News), filed for Chapter 11 bankruptcy protection, listing debts of $22.5 billion against $26.6 billion in assets. Mirant, which owns or...

The uncertainty hanging over the outcome of Calpine's bankruptcy is making life especially scary for Ma-and-Pa creditors like Mary and Budd Elliff, who say the San Jose electricity generator owes them several hundred thousand dollars. Calpine, which filed for Chapter 11 protection Tuesday, has reported $22.5 billion in liabilities and about $27 billion in assets. But some analysts think the company may be worth far less. With 3,500 creditors after Calpine's money, the Santa Rosa couple fear they and other small operators will wind up empty-handed in the bankruptcy proceedings. If anyone is likely to lose out, ``it's the local...

JUNEAU, Alaska - An antitrust lawsuit filed against Exxon Mobil Corp. and BP PLC claims the two oil giants are restricting the nation's supply of natural gas and keeping prices at record highs. The lawsuit, filed Monday in U.S. District Court in Fairbanks, says the two companies acted together to eliminate competition for the exploration, development and marketing of natural gas from Alaska's North Slope to U.S. markets. "The only reason for them to collusively not to sell is to try to continue the scarcity that has driven natural gas prices to historic highs," said David Boies, the attorney for...

Permission to Continue to Perform Under Power Trading Contracts Interim Approval to Use $500 Million of Its $2 Billion DIP Financing Facility Authorization to Continue Paying Employee Compensation and Benefits SAN JOSE, Calif., Dec. 22 /PRNewswire-FirstCall/ -- Calpine Corporation (OTC: CPNLQ - News) announced today that it has received approval of first day motions from the U.S. Bankruptcy Court for the Southern District of New York. During a hearing held yesterday before the Honorable Burton R. Lifland, Calpine submitted a number of motions requesting approvals and received, among other things, interim authorization to continue to perform under power trading contracts...

Calpine Corp., the power plant owner saddled with more than $17 billion in debt, filed for bankruptcy protection Tuesday after soaring natural gas prices left it unable to make loan and bond payments. The filing in U.S. Bankruptcy Court in New York followed the ouster of top executives after they lost a fight with bondholders over using asset sale proceeds for plant fuel. "I would expect bondholders to receive about par following an abbreviated bankruptcy," Jon Kyle Cartwright, director of research for BOSC in Clearwater, Fla., said in an interview Tuesday before the filing. "I would expect them to be...

Californians are known to love a good, gory accident scene, but for those of us who like our violent smashups to be more metaphorical than real, the 2000-01 electrical power crisis is the gift that keeps on giving. The latest near-corpse about which the paramedics are hovering is Calpine Corp. At this writing, the San Jose power company is wheezing toward an expected bankruptcy filing in January, possibly followed by extinction. On Nov. 29 its founder and chief executive, Peter Cartwright, and its chief financial officer, Robert Kelly, were dismissed by the board of directors. Because they were leaders of...

Calpine Board Says CEO Cartwright, CFO Kelly Have Left the Company; Shares Sink SAN JOSE, Calif. (AP) -- Calpine Corp. said Tuesday that its chairman and chief executive and its chief financial officer have left the company in moves that its board said will help the power provider address its financial challenges. Its shares sank 26 percent to below $1 in early trading.Calpine said founder Peter Cartwright, who was chairman, president and CEO, and Robert D. Kelly, its executive vice president and CFO, have each left the company. "The board believes that these management changes are essential to better address...

SAN FRANCISCO (MarketWatch) - Calpine Corp. stock closed down more than 9% on Friday after the independent power producer posted its third-quarter results, which it subsequently had to correct, and Fitch Ratings cut the firm's credit rating. San Jose, Calif.-based Calpine turned in a third-quarter loss on Thursday that was wider than analysts expected. See full story. The company then later Thursday corrected its press release detailing its financial results to account for certain charges and items. Among the changes, Calpine corrected its earnings before income taxes depreciation and amortization for the nine-month-period through Sept. 30 to $880.4 million, down...

NEW YORK, Oct 18 (Reuters) - Calpine Corp. (CPN.N: Quote, Profile, Research) has hired a high-profile restructuring team from Kirkland & Ellis to advise its board, the New York Post reported on Tuesday, citing parties suing the troubled power producer. Leading the advisory team are partners Richard Cieri and Jamie Sprayregan, according to lawyers for two parties that are suing Calpine. The Post said its sources acknowledged the hiring of Cieri and Sprayregan did not necessarily mean the cash-strapped company was considering a bankruptcy filing. More likely, the Post reported, they are advising the company on its alternatives if it...

NEW YORK, Aug 2 (Reuters) - Calpine Corp. (CPN.N: Quote, Profile, Research) said on Tuesday it will start construction with the energy unit of General Electric Co. (GE.N: Quote, Profile, Research) this month on a gas turbine combined-cycle power plant in Riverside County, California, to help boost power supplies in the energy-deficient region. The 800-megawatt, natural gas-fired power plant got its license from the California Energy Commission in June, and GE later acquired the site and related development rights for the project from Calpine, a company statement said. companies expect to bring the Inland Empire Energy Center on-line by the...

Long Island's Cleanest and Most Fuel-Efficient Power Plant to Serve LIPA Under a 20-Year Contract SAN JOSE, Calif., July 8 /PRNewswire-FirstCall/ -- Calpine Corporation's (NYSE: CPN - News) Bethpage 3 power plant is generating electricity -- just in time for Long Island's peak summer demand period. Bethpage 3 is the region's first modern, combined-cycle power plant and is the cleanest fossil-fueled power generator on Long Island. Calpine's new plant provides up to 79.9 megawatts of electricity to Long Island Power Authority (LIPA) customers under a 20-year contract for capacity, energy and other energy-related services. Located adjacent to existing Calpine plants...

NEW YORK, July 7 (Reuters) - Calpine Corp. (CPN.N: Quote, Profile, Research) on Thursday said its subsidiary Calpine Construction Finance Co. launched a tender offer for some of its 9.75 percent second priority senior secured floating rate notes due 2011. Calpine said it was offering to buy the notes at par plus accrued interest through the purchase date, using expected net proceeds of about $225 million from the prospective sale of the Ontelaunee Energy Center. However, Calpine said it can only buy the notes after offering to repay debt under its term loans, which currently have $379.2 million outstanding. If...

NEW YORK (MarketWatch) - Calpine Corp. said Wednesday it would sell all its remaining oil and gas properties to an indirect subsidiary for about $1.05 billion. Under the terms of the deal Rosetta Resources Inc., wholly owned by Calpine, will issue 45.3 million shares worth $725 million in a private placement. The proceeds, together with a $325 million in a new credit facility, will be used to buys all of Calpine's domestic oil and gas exploration and production assets. Shares of San Jose, Calif.-based Calpine (CPN: news, chart, profile) rose 5.83% in pre-opening trade Wednesday to $3.81. Calpine said the...

SAN FRANCISCO (MarketWatch) -- Calpine Corp.'s (CPN) proposed partnership of its energy-trading operations with a major U.S. financial institution is a done deal with details to be announced in about a week, according to the company's chairman and chief executive, Peter Cartwright. As part of a broad financial reorganization the company announced two weeks ago, Calpine said it was in discussions to combine its marketing and trading operation, Calpine Energy Services, with the credit support of a major financial institution. The investment-grade partnership would result in hundreds of millions of dollars in collateral being returned to the parent corporation, and...

LONDON, May 30 (Reuters) - U.S.-based power producer Calpine Corp. (CPN.N: Quote, Profile, Research) has sold a British power station to the UK's International Power Plc (IPR.L: Quote, Profile, Research) and Japan's Mitsui & Co. Ltd (8031.T: Quote, Profile, Research) for 500 million pounds ($912 million), the Financial Times newspaper reported on Monday.International Power will take 70 percent of the Saltend unit under a partnership which will hand the other 30 percent to the Japanese trading house, the FT's Web site (http://www.ft.com) reported without citing sources. No one from International Power could be reached for comment. A Mitsui spokesman said...

SAN FRANCISCO (MarketWatch) - Merchant power company Calpine Corp. unveiled Wednesday an ambitious plan to knock $3 billion from its heavy debt load by the end of the year, one year sooner than earlier targeted. The plan, which aims to lower the company's annual interest payments by $275 million and trim $200 million from its annual operating costs, also includes selling up to eight power plants and shuttering others that are not turning a profit. Shares of the San Jose, Calif.-based electricity provider surged 53 cents, or 27%, on the news to $2.51. Calpine (CPN: news, chart, profile) , struggling...

Big electricity producer Calpine Corp. said it asked the New York Stock Exchange to investigate trading of its stock and "reckless and unfounded rumors" about its finances that have circled the company the past two weeks, pushing its stock down 35%. Calpine sought to reassure investors on Friday that is able to meet its obligations. The company said it will report first-quarter earnings Thursday that will be in line with earlier projections. Specifically, it said it will report a loss of 38 cents a share for the quarter and expects a loss of 80 cents to 90 cents a share...