Calpine Says It Has No Plans for Bankruptcy
Calpine Corp. said rumors on Wall Street that the independent power producer was planning to file for bankruptcy were not true.
Calpine said it was in compliance with all of its bond indentures and had no plans to file for bankruptcy protection.
The company, based in San Jose, moved to quash the rumors after its stock plunged 31% to its lowest level since October 2002 and its bond prices fell.
The shares recovered after the company issued its statement. They closed down 27 cents, or 11%, at $2.19.
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