PG&E Corporation and Pacific Gas and Electric Company, together PG&E, submitted regulatory and court filings outlining the key elements of the company’s updated Chapter 11 Plan of Reorganization.

PG&E submitted testimony in the California Public Utilities Commission (CPUC) Plan of Reorganization proceeding and filed its updated plan with the Bankruptcy Court.

Based on these filings, PG&E remains on track to have its Chapter 11 Plan confirmed by June 30, 2020, the deadline for participating in the state’s new go-forward wildfire fund. Upon emergence from Chapter 11, PG&E will be a financially stable company positioned to continue prioritizing safe operations and customer focus while meeting California’s energy needs and clean energy goals in a changed climate.

“Under our plan, the company will emerge from Chapter 11 as a reimagined utility with an enhanced safety structure, improved operations, and a board and management team focused on providing the safe, reliable, and clean energy our customers expect and deserve. Our 23,000 PG&E employees are striving every day to deliver that service and to build the utility of the future. We are committed to emerge from Chapter 11 by June 30, 2020, in a manner that allows us to help lead California toward the future, meeting the highest safety, governance, and operational standards,” said CEO and President of PG&E Corporation Bill Johnson.

According to a related 8-K filing, JPMorgan Chase is serving as administrative agent for a $5.5 billion senior secured superpriority debtor-in-possession credit facilities in the form of a revolving credit facility in an aggregate amount of $3.5 billion, including a $1.5 billion letter of credit subfacility, a term loan facility in an aggregate principal amount of $1.5 billion and a delayed draw term loan facility in an aggregate principal amount of $500 million.

Borrowings under the DIP facilities are senior secured obligations of the Utility, secured by substantially all of the Utility’s assets and entitled to superpriority administrative expense claim status in the Utility’s Chapter 11 bankruptcy. The utility’s obligations under the DIP facilities are guaranteed by PG&E Corporation. The DIP facilities mature on December 31, 2020, subject to the utility’s option to extend the maturity to December 31, 2021.

Citibank is serving as collateral agent for the facility.

San Francisco-based Pacific Gas and Electric Company provides natural gas and electric service to approximately 16 million people.