916457--3/14/2007--CALPINE

related topics

{debt, indebtedness, cash}

{loss, insurance, financial}

{customer, product, revenue}

{interest, director, officer}

We may not be able to confirm or consummate a plan of reorganization. Our filings under Chapter 11 and the CCAA have exposed certain of our Non-Debtor subsidiaries to the potential exercise of rights and remedies by debt or equity holders. Some or all of the U.S. Debtors could be substantively consolidated. Our DIP Facility imposes significant operating and financial restrictions on us; any failure to comply with these restrictions could have a material adverse effect on our liquidity and our operations. As a result of our impaired credit status due to our Chapter 11 filings, our operations may be restricted and our liquidity requirements increased. Our ability to generate cash depends upon the performance of our subsidiaries. and/or may allow the counterparty to seek liquidated damages. Revenue may be reduced significantly upon expiration or termination of our PPAs. Our geothermal energy reserves may be inadequate for our operations.

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916457--3/14/2007--CALPINE_CORP