Calpine stock begins regular trade Thursday

By Rebecca Melvin

New York, Feb. 6 - Calpine Corp. has issued enough new stock to begin trading the regular way on Thursday, according to a New York Stock Exchange trading source.

Since Jan. 16, the stock has been trading on a when-issued basis under the symbol "CPN-WI." The when-issued designation will be removed.

"Now there is enough stock to settle the trades," the source said.

Calpine began new stock distributions Feb. 1 after emerging from Chapter 11 bankruptcy Jan. 31. Distributions were substantially completed by Feb. 5, a company attorney said.

Of 485 million shares of new common stock, Calpine plans to distribute about 423 million shares to holders of allowed unsecured claims. The remainder, or 62 million shares, is being reserved for disputed unsecured claims and general contingencies.

Calpine, a San Jose, Calif., power company, emerged from bankruptcy on Jan. 31. Its Chapter 11 case number is 05-60200.

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