Holders of Calpine’s $18 billion of bond debt are fuming after the US energy company announced plans to sell off one of its power generating facilities. Like many US energy companies, Calpine has struggled in the wake of the Enron scandal. The firm is selling off assets and reducing its debt obligations, apparently in the hope of attracting a takeover bid.
But the sale of the Hull, UK-based Saltend facility would deprive Calpine subsidiary Calpine European Funding of its main income source. I