And now, after the bankruptcy filing, there is yet ANOTHER new ticker, for anybody who cares: CPNLQ.PKWhat a mess those guys left behind them. Reuters describes it athttp://biz.yahoo.com/rb/051221/utilities_calpine.html?.v=7..."The markets are trying to determine what the restructuring will look like, what the bonds will be worth after the restructuring," said debt analyst Jon Kyle Cartwright of investment firm BOSC Inc. "It's begun jockeying for position at the secured and unsecured creditors'tables."......creditors are already lining up to get the biggest possible piece of pie in what is likely to be a protracted process."I suspect this thing cannot get resolved very quickly. I doubt that the parent can get a (restructuring) plan filed very quickly unless their plan is just convert all that parent debt into equity," said James Harris, a restructuring expert and the president of Seneca Financial Group..."They have such a complex capital structure, and the subordination of some of the issues is unclear," said high-yield debt analyst Caesar Silvestro of SAMCO Capital Markets. "You're going to have a lot of contentious fighting going on with bondholders on what kind of recovery they're going to get..."As I said earlier: check back in about three years.
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