April and May are cruel months for Calpine



Holders of bonds and loans issued by California-based energy company Calpine had a rollercoaster ride in April and May, as rumors circulated that the beleaguered company was violating bond covenants, missing coupon payments and preparing for a bankruptcy filing. In the last week of April, for example, Calpine’s 8.5% Canada Energy Finance bonds due 2008 lost 35% of their value to trade at 40 cents on the dollar.

The plummeting value of the company’s bonds, loans and stock was sufficient to prompt

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