Reorganization

Three-and-a-half years after emerging from Chapter 11 bankruptcy reorganization, Calpine Corp. made its final financial distribution spelled out in its court-approved plan for emerging from bankruptcy protection in late January 2008. Calpine released approximately 19.8 million shares of its common stock from reserves that previously had been set aside to satisfy bankruptcy claims that were still unresolved when the independent (mostly natural gas-fired) power plant operator/developer left Chapter 11 protection. Calpine senior officials hailed the milestone as putting the company’s debt-laden past to bed. The reserve shares were already counted among the 486 million weighted average shares outstanding listed by the company as of June 30, so there is no impact on earnings or cash flow from the final release of shares. Noting all the “technical matters” from the past are behind Calpine, CFO Zamir Rauf said the company now has “fully resolved all claims associated with our bankruptcy.”

Tony Hayward, who became CEO of BP plc in May, on Thursday unveiled a reorganization plan that will reduce the number of business units to two from three and create an alternative energy division.

Independent oil and gas operator Rosetta Resources Inc. filed an objection to Chapter 11-bound Calpine Corp.’s reorganization plan for emerging from bankruptcy. Rosetta, which purchased Calpine’s oil and natural gas reserves in 2005, has unresolved disputes with the independent power plant operator.

Touting its third quarter financial results as an indication that its post-Chapter 11 bankruptcy reorganization is now complete, Sioux Falls, SD-based NorthWestern Corp. Wednesday reported net income from continuing operations of $9.3 million, or 26 cents/share, compared with a loss from continuing operations of $25.2 million for the same period last year.

As part of an internal reorganization, effective Jan. 1, 2005 Sempra Energy will consolidate its liquefied natural gas (LNG) projects into one business unit and merge its international businesses with a newly designated “pipeline/storage” business unit. Meanwhile, Sempra is pushing ahead with construction of its most advanced LNG project at Costa Azul in North Baja, Mexico.

As part of an internal reorganization, effective Jan. 1, 2005 Sempra Energy will consolidate its liquefied natural gas (LNG) projects into one business unit and merge its international businesses with a newly designated “pipeline/storage” business unit. Meanwhile, Sempra is pushing ahead with construction of its most advanced LNG project at Costa Azul in North Baja, Mexico.

As part of an internal reorganization, effective Jan. 1, 2005 Sempra Energy will consolidate its liquefied natural gas (LNG) projects into one business unit and merge its international businesses with a newly designated “pipeline/storage” business unit. Meanwhile, Sempra is pushing ahead with construction of its most advanced LNG project at Costa Azul in North Baja, Mexico.

An agreement reached in July to help Enron Corp. emerge from bankruptcy apparently is unraveling and could fall apart following disputes among the three parties that put together the original compromise.

An agreement reached in July to help Enron Corp. emerge from bankruptcy apparently is unraveling and could fall apart following disputes among the three parties that put together the original compromise.