PG&E files amended plan of reorganization
PG&E Corporation and Pacific Gas and Electric Company filed on Dec. 12, an amended Plan of Reorganization with the Bankruptcy Court in its Chapter 11 cases.
According to PG&E, the plan reflects its settlements with all major groups of wildfire claimants. It keeps the company on track to achieve regulatory approval and Bankruptcy Court confirmation before the June 30, 2020, statutory deadline for participation in California’s wildfire fund.
“Today’s filing brings us one step closer to successfully concluding PG&E’s Chapter 11 cases so that the wildfire victims can be compensated as quickly as possible,” CEO and President of PG&E Corporation Bill Johnson said. “We appreciate the extensive work by many stakeholders that went into this Plan, in particular, the efforts of our state leaders to encourage all parties to work quickly to find common ground.”
PG&E noted that it believes its plan is confirmable, satisfies all requirements of Assembly Bill 1054, and complies with the Bankruptcy Code.
“We believe our Plan is the best solution for all constituencies, and we look forward to bringing these complex proceedings to their conclusion,” Johnson said. “In the meantime, we continue to make meaningful changes and additional investments throughout the company to reduce the risk of wildfire and help us continue to deliver safe, reliable energy to our customers.”
