Daily News: September 10, 2019

PG&E Files Joint Chapter 11 Plan of Reorganization

PG&E and Pacific Gas and Electric Company today filed a joint Chapter 11 Plan of Reorganization in the U.S. Bankruptcy Court for the Northern District of California.

This plan is another step in a multi-step process as PG&E works to compensate wildfire victims and emerge from Chapter 11 while continuing to improve safety and operational performance for its customers. The Plan will be updated as developments require.

“Under the plan we filed today, we will meet our commitment to fairly compensate wildfire victims and we will emerge from Chapter 11 financially sound and able to continue meeting California’s clean energy goals,” said Bill Johnson, PG&E’s CEO and president. “Throughout this process, we remain focused on the guiding principles of safely and reliably delivering energy to our customers, further reducing the risk of wildfires, and continuing to support the state’s clean energy goals. I am confident that we can, and will, provide better service to our customers and communities, and our Plan of Reorganization is another step in this process.”

According to the plan, PG&E is on track to achieve confirmation of the plan in advance of the June 30, 2020, deadline set forth in Assembly Bill 1054 for participation in the newly-established state wildfire fund. The plan filed today proposes a rate-neutral framework that fairly compensates wildfire victims and other stakeholders, prioritizes the interests of our customers and communities, and meets PG&E’s legal obligations.

JPMorgan serves as administrative assistant for $5.5 billion in DIP financing. Citibank is collateral agent for the facility.

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BofA, Others to Provide $5.5MM DIP Facilities to PG&E