Calpine Power Income Fund Responds to Calpine Corporation Update Regarding Certain Litigation Matters.CALGARY, Alberta -- Calpine Power Income Fund (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CF.UN): Commenting on the December 1st, 2005 press release from Calpine Corporation entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Calpine provides update regarding certain litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. matters", and Calpine Corporation's statement that it continues to evaluate options including the possibility of filing for bankruptcy, the Calpine Power Income Fund confirms that it is currently reviewing all options with respect to its commercial relations with Calpine Corporation and any action Calpine Corporation may take. The situation with Calpine Corporation is a concern to the Fund and the Fund continues to work to determine how any possible Calpine Corporation bankruptcy filing or other action will affect the operation of the Fund's Canadian and US plants, any cash from operations from those facilities as well as Calpine Corporation's other relationships with the Fund. It should be noted that any potential shortfall in cash from the operation of the Canadian plants which are held at the Calpine Power L.P. level will first reduce cash available to the B units held by an affiliate of Calpine Corporation. This subordination feature reduces the impact of a revenue shortfall on the A units, which the holders of publicly held Trust units are dependant upon Adj. 1. dependant upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, contingent upon, dependant on, dependent on, dependent upon, depending on, contingent . The Fund continues to monitor the situation and its options as circumstances develop with respect to Calpine Corporation. Calpine Power Income Fund is an unincorporated Adj. 1. unincorporated - not organized and maintained as a legal corporation unorganised, unorganized - not having or belonging to a structured whole; "unorganized territories lack a formal government" open-ended trust that invests in electrical power assets. The Fund indirectly owns interests in power generating facilities in British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , Alberta and California. In addition, the Fund owns a participating loan interest in a power plant in Ontario and has made a loan to Calpine Canada Power Ltd. The Fund is managed by Calpine Canada Power Ltd., which is headquartered in Calgary, Alberta. The Calpine Power Income Fund units are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol CF.UN. For further information on the Fund, please visit its website at www.calpinepif.com. Calpine Power Income Fund (TSX:CF.UN) |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion