By Margarita Snegireva. Calpine Corp. announced that it has ended a two-year bankruptcy slog in which the power producer slashed one-third of its work force and sold off a string of plants to help get its finances back in order and emerged from Chapter 11 protection.
Shares of the San Jose-based company are scheduled to begin trading on the New York Stock Exchange on or around Feb. 5 under the ticker symbol CPN.
Calpine Corporation is a power company founded in 1984 with headquarters in San Jose, California. The company's stock was traded on the New York Stock Exchange under the symbol CPN until it was delisted on December 5, 2005 due to low share price. It is currently listed on the Pink Sheets.
On December 20, 2005 Calpine files bankruptcy, US$22 billion in debt. Calpine's aggressive leveraged expansion plan was unsupportable in the economic environment formed by the 2000-2001 California energy crisis and the collapse of Enron. Stock price dropped to less than US$0.30 per share.