X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
NAME AND TITLE: Gregory L. Doody, executive vice president, general counsel and secretary AGE: 42 COMPANY PROFILE: Calpine Corp. is an independent power producer and marketer that ranks No. 275 on the Fortune 500. The San Jose, Calif., company posted $10.1 billion in sales in 2005, an increase of 9.6% from 2004, yet it lost nearly $1 billion. The company produces 26,460 megawatts of electricity from natural gas-fired power plants in the United States, Canada and the United Kingdom. The company holds a 90% stake in the largest geothermal generating complex in the world: The Geysers, located in the Mayacamas Mountains, 72 miles north of San Francisco. The complex, which draws upon naturally occurring steam reservoirs, generates some 750 megawatts of electricity-enough, the company says, to power 750,000 homes. Like a number of electric power producers, Calpine borrowed too much and grew too fast during the heated deregulation boom preceding the collapse of Enron Corp. For the past two years, the company has been selling noncore assets to reduce its debt. Among the larger deals was the sale of Calpine’s Canadian gas holdings to PrimeWest Energy Trust for $625 million; the sale of gas reserves in the U.S. Rocky Mountains region for $223 million in two separate agreements; the sale of its remaining U.S.-based oil and gas exploration interests to former subsidiary Rosetta Resources Inc.; and the sale of its Saltend Power Plant in Hull, England, to Mitsui & Co. and International Power PLC. Despite the asset liquidation, the burden of $17 billion in debt drove Calpine to file for Chapter 11 bankruptcy shortly before Christmas 2005. LEGAL TEAM: Doody manages 16 in-house attorneys while he simultaneously oversees the company’s emergence from Chapter 11 into a profitable, restructured corporation. His staff includes experts in dealing with the Federal Energy Regulatory Commission and with state public utility commissions, and securities law experts to deal with Calpine’s filings with the U.S. Securities and Exchange Commission. “The legal department is involved in everything, because there are a lot of tools the bankruptcy court gives you to, basically, remake your company while it is in Chapter 11.” OUTSIDE COUNSEL: Chicago-based Kirkland & Ellis is Calpine’s primary outside firm involved with the Chapter 11 restructuring, Doody said. The company employs dozens of firms, as needed, for incidental business matters. DAILY DUTIES: Doody is a member of the policy committee that develops Calpine’s business plan, prepares the company budget and handles other executive responsibilities. However, his top priority as general counsel is managing the company’s restructuring under the provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. “We are, by far, the largest Chapter 11 filing since the new code was enacted in ’05,” Doody said. “One of the primary goals of the new code was to get companies in and out of Chapter 11 quicker. We are facing a much more expedited timetable than other companies that filed prior to when the new code was enacted.” Restructuring is a labor-intensive fresh start for Calpine. The legal team is reviewing “tens of thousands” of contracts, ranging from minor leases and agreements with small contractors to major financing agreements and capital acquisitions, Doody said. At the same time, it is overseeing the sale of hundreds of millions of dollars in assets and the refinancing of billions of dollars in debt. “The whole point of Chapter 11 is to give a company some breathing room so that it can fix its balance sheet, rationalize its liquidity and address a variety of other restructuring needs,” Doody said. “It would not work to let companies float through the process and not do anything. This Chapter 11 process provides the tools to rebuild the company and give it a fresh start. “At the same time, the company doesn’t stop. We are the debtor in possession and we have to continue running the company just as it did before while we are trying to remake the company into a viable and successful organization for the long term.” Calpine faces a deadline for reinventing itself. The bankruptcy code allows an exclusivity period, during which the company holds the exclusive right to plan its own reorganization. Calpine has until June 20 to file a plan, or it will face the possibility that creditors will file their own plan. “The exclusivity deadline is just a fact of life,” Doody said. “It sets a goal that everyone understands. The creditors know about it, the other stakeholders know about it, everybody in the company knows about it. We know how long we have under the exclusive period, and after that other parties have the right to file competing plans.” ROUTE TO PRESENT POSITION: Doody, a native of Birmingham, Ala., graduated from Tulane University in 1987 with a bachelor’s degree in management. He went to work as a staff accountant at Price Waterhouse & Co., where he remained until March 1989, when he took a position as assistant manager at oil field services company Schlumberger Ltd. He left the company in May 1991 to enter Emory University School of Law. Following graduation in 1994, Doody accepted an associate’s position at Walston Stabler Wells & Bains in Birmingham. In March 1996, Doody moved to an associate’s spot with Maynard Cooper & Gale, also in Birmingham, where he worked for two years before accepting the position of partner and chief financial officer at the advertising agency Hungry Man LLC. Doody returned to law in August 2000 with a partnership at Birmingham-based Balch & Bingham, where he represented the Southern Co., one of the nation’s largest electrical utilities. Immediately prior to joining Calpine in July 2006, Doody served as executive vice president, general counsel and secretary at HealthSouth Corp. PERSONAL: “I like skiing, both snow and water,” Doody said. “I do like to play tennis, though I don’t get to do that as much as I like.” LAST BOOK AND MOVIE: “On a plane I just watched Little Miss Sunshine, a very funny movie. The book I am currently reading is The Smartest Guys in the Room, about Enron. Because of my days at HealthSouth I know a lot of the people from the government side in the Enron case.”

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at [email protected]

 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.