Wednesday, December 21, 2005


Calpine Bankruptcy is 9th Biggest in 25 years

Calpine Files for Bankruptcy Protection
Tuesday December 20, 11:32 pm ET
Struggling Power Merchant Calpine Files for Bankruptcy Protection

SAN JOSE, Calif. (AP) -- Struggling power merchant Calpine Corp. filed for Chapter 11 bankruptcy court protection late Tuesday as it grapples with more than $17 billion in debt.

The filing in U.S. Bankruptcy Court in New York will allow Calpine to continue operations at its power plants and facilities in the United States, Mexico and Canada, the company said in a news release.

Calpine makes the list at #9 with it's new Bankruptcy announcement.

15 Largest U.S. bankruptcies since 1980

Wed Dec 21, 2005 7:00 AM PT

- Merchant electricity generator Calpine Corp. (CPNL.PK: Quote, Profile, Research) filed for bankruptcy on Tuesday with assets of $26.6 billion and debts of $22.5 billion, making it one of the largest insolvencies of the last 25 years.

Below is a list of the largest U.S. bankruptcies since 1980:


Worldcom, Inc. (2002) $103,914,000,000

Enron Corp. (2001) 63,392,000,000

Conseco, Inc. (2002) 61,392,000,000

Texaco, Inc. (1987) 35,892,000,000

Financial Corp. of America (1988) 33,864,000,000

Refco Inc. (2005) 33,333,172,000

Global Crossing Ltd. (2002) 30,185,000,000

Pacific Gas and Electric Co.(2001) 29,770,000,000

Calpine Corp. (2005) 26,628,756,000

UAL Corp. (2002) 25,197,000,000

Delta Air Lines, Inc. (2005) 21,801,000,000

Adelphia Communications (2002) 21,499,000,000

MCorp (1989) 20,228,000,000

Mirant Corporation (2003) 19,415,000,000

Delphi Corporation (2005) 16,593,000,000


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