PG&E submits Chapter 11 Plan of Reorganization testimony to state regulators, updated plan of reorganization to bankruptcy court

PG&E Corporation announced Jan. 31 that it entered into joinder agreements with additional holders of Utility senior notes for the Restructuring Support Agreement with Utility noteholders announced last week.

With the additional joinders, PG&E said, the Noteholder RSA has the support of more than two-thirds in principal amount of holders of two classes of Utility debt: the Utility’s short-term senior notes and its longer-term, high coupon senior notes.

Based on these filings, the company noted, it is on track to have its Chapter 11 Plan confirmed by June 30, which is the deadline for participating in California’s new go-forward wildfire fund.

“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,” PG&E Corporation CEO and President Bill Johnson said. “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.”

PG&E said in its testimony that it believes its Plan meets the letter and spirit of Assembly Bill (AB) 1054, including being rate neutral on average to customers.

The Plan also addresses concerns the Governor raised in his public letter to the company on Dec. 13, 2019, PG&E said.

“PG&E appreciates the Governor’s input and is open to further discussions with the Governor’s Office and other stakeholders should they have additional input as the process unfolds,” the company said in a press release. “PG&E looks forward to participating fully in the CPUC’s proceeding to review its updated Plan.”