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I asked zzzyx (over on a yahoo board) if he knew how much debt was above the subordinate unsecured debt. Here's what he had to say:

"Here's a summary:

Letters of Credit, Preferreds, etc.: $1.4
Construction/Project: $2.3
CCFC 1/2: $3.1
1st/2nd priority Sr.'s: $4.2
Unsecured Sr.'s: $4.3
Convert Sr.'s: $1.9

You can see there is some $11 billion of debt that is senior to the seniors.

The appendices of this presentation have a lot of good info on the assets & liabilities:
h 2.pdf"


CPN has $25.9b in assets of which $18.5b is PP&E...what's that worth in a BK? Some of the unsecured debt is selling today between $18 and $30.

According to this article, subordinate unsecured debt may be worthless (excerpt from DJ):

"Recovery For Calpine Bondholders A Tricky, Mixed Bag

Wednesday November 30, 4:34 PM EST

NEW YORK -(Dow Jones)- It may not be as bad as it looks for some holders of Calpine Corp. (CPN) (CPN) and its subsidiaries' debt if the company decided to restructure.

Although Calpine is saddled with a massive debt load, rapidly depleting cash, pending legal problems, and high-costs to run its power plants, the San Jose, Calif.-based company does have hard assets - power plants.

Still, almost a third of bondholders could lose everything.

After Calpine's board of directors removed Chief Executive Officer and founder Peter Cartwright and Chief Financial Officer Robert Kelly Tuesday, market participants have focused on the likelihood that the troubled company will seek Chapter 11 bankruptcy protection.

"After yesterday's action, we think the possibility of a filing has moved to a probability," said Dot Matthews, analyst at independent credit research firm CreditSights, in a report."
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