Calpine warns of cash challenges NEW YORK (Reuters) - Power producer Calpine Corp. (CPN.N: Quote , Profile , Research ) on Wednesday warned its cash needs over the next year would exceed cash from operations and those on hand, and that maintaining sufficient liquidity depended on the success of a program to raise money from selling assets. Shares of Calpine were down 12 cents, or more than 5 percent, at $2.07 on the New York Stock Exchange in morning trading. "Satisfying all obligations under the company's outstanding indebtedness, and funding anticipated capital expenditures and working capital requirements for the next 12 months presents the company with several challenges over the near term," Calpine said in its quarterly report filed with regulators. "As the company's cash requirements (including the company's refinancing obligations) are expected to exceed the company's unrestricted cash on hand and cash from operations." Even if the company's program to raise cash is successful, Calpine said it may have to suspend further construction or development work on projects or incur substantial impairment losses. On March 31, Calpine's cash and cash equivalents on hand totaled $800 million while the current portion of restricted cash totaled $500 million. Calpine has struggled in recent years amid an industry-wide downturn in the power sector following Enron's collapse in 2001. In recent weeks, short sellers have taken heavy bets against the power company amid rumors it planned to file for bankruptcy, which Calpine has strongly denied. Quelle "Calpine warns of cash challenges" : reuters.com Main page for "Calpine warns of cash challenges"