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Mergers, Acquisitions, and Other Restructuring Activities by Donald DePamphilis

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Chapter 16

Alternative Exit and Restructuring Strategies

Reorganization and Liquidation

What matters is not the size of the dog in the fight but the size of the fight in the dog.

—Vince Lombardi

Inside M&A: calpine emerges from the protection of bankruptcy court

Following approval of its sixth Plan of Reorganization by the U.S. Bankruptcy Court for the Southern District of New York, Calpine Corporation was able to emerge from Chapter 11 bankruptcy on January 31, 2008. Burdened by excessive debt and court battles with creditors on how to use its cash, the electric utility had sought Chapter 11 protection by petitioning the bankruptcy court in December 2005. After settlements with certain stakeholders, all classes of creditors voted to approve ...

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