SAN FRANCISCO (Reuters) - The power company Calpine Corp., struggling under a heavy debt load since the Enron crisis, accelerated its $3 billion debt reduction plan and said Wednesday that it plans to sell up to eight more power plants in a bid to strengthen its balance sheet.
Reuters reported that Calpine was recently denying bankruptcy rumors and explained that it will mothball underperforming plants, cancel costly maintenance agreements, attempt to cut losses at plants during off-peak hours and explore U.S. liquefied natural gas projects.
The power company, whose shares closed up nearly 33 percent on the news, aims to reduce operating costs by $200 million annually and achieve $275 million in annual interest savings, said the Reuters report.
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Lindsey O'Neill is the Director of Legal Content and Strategic Development at LawInfo.com. Ms. O'Neill is a California licensed attorney based in La Jolla and experienced in a wide variety of legal and business matters.
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