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Posted by: thepinetree on 01/29/2019 08:32 AM Updated by: thepinetree on 01/29/2019 08:32 AM
Expires: 01/01/2024 12:00 AM
:

PG&E Files for Reorganization Under Chapter 11

San Francisco, CA...PG&E Corporation (NYSE: PCG) and its primary operating subsidiary, Pacific Gas and Electric Company (the "Utility"), today filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Northern District of California. Throughout the forthcoming process, PG&E remains committed to: Delivering safe and reliable electric and natural gas service to customers; Continuing to make critical investments in system safety and maintenance; Supporting the orderly, fair and expeditious resolution of its liabilities resulting from the 2017 and 2018 wildfires; Working with customers, civic leaders, regulators, policymakers, the financial community and other key stakeholders to consider alternatives to provide for the safe delivery of natural gas and electricity and new safety solutions in an environment challenged by climate change; and Assisting our customers and communities impacted by wildfires in Northern California. PG&E's restoration and rebuilding efforts will continue.




"Our most important responsibility is and must be safety, and that remains our focus. Throughout this process, we are fully committed to enhancing our wildfire safety efforts, as well as helping restoration and rebuilding efforts across the communities impacted by the devastating Northern California wildfires. We also intend to work together with our customers, employees and other stakeholders to create a more sustainable foundation for the delivery of safe, reliable and affordable service in the years ahead. To be clear, we have heard the calls for change and we are determined to take action throughout this process to build the energy system our customers want and deserve," said John R. Simon, PG&E Corporation Interim CEO.

In conjunction with the filings, PG&E also filed a motion seeking interim and final approval of the Court to enter into an agreement for $5.5 billion in debtor-in-possession (DIP) financing with J.P. Morgan, Bank of America, Barclays, Citi, BNP Paribas, Credit Suisse, Goldman Sachs, MUFG Union Bank and Wells Fargo acting as joint lead arrangers. PG&E expects the Court to act on an interim basis on the DIP motion in the coming days. The DIP financing, when approved, will provide PG&E with necessary capital to ensure essential maintenance and continued investments in safety and reliability for the expected duration of the Chapter 11 cases.

"Through this process, we will prioritize what matters most to our customers and the communities we serve – safety and reliability. We believe that this process will make sure that we have sufficient liquidity to serve our customers and support our operations and obligations," Mr. Simon said.

"I know that our 24,000 dedicated employees remain steadfastly focused on delivering safe and reliable natural gas and electric service for the 16 million people across our service area," said Mr. Simon. "Each day I see the hard work and resilience of our team, and I thank them for their continued dedication to working safely and delivering for our customers."

As part of the filings, PG&E also filed various motions with the Court in support of its reorganization, including requesting authorization to continue paying employee wages and providing healthcare and other benefits. In the filings, PG&E also asked for authority to continue existing customer programs, including low income support, energy efficiency and other programs supporting customer adoption of clean energy. PG&E expects the Court to act on these requests in the coming days. PG&E also intends to pay suppliers in full under normal terms for goods and services provided on or after the filing date of January 29, 2019.

In order to help support the Company through the reorganization process, PG&E has appointed James A. Mesterharm, a Managing Director at AlixPartners, LLP (“AlixPartners”) and an authorized representative of AP Services, LLC (“APS”), to serve as Chief Restructuring Officer. In addition, PG&E appointed John Boken, also a Managing Director at AlixPartners and an authorized representative of APS, to serve as Deputy Chief Restructuring Officer. Mr. Mesterharm, Mr. Boken and their colleagues at AlixPartners will continue to assist PG&E with the reorganization process and related activities.

Tubbs Fire

On January 24, 2019, CAL FIRE released the results of its investigation of the 2017 Tubbs Fire, which concluded that PG&E equipment did not cause the fire. The comprehensive analysis underlying PG&E's decision to pursue reorganization under Chapter 11, conducted with the assistance of independent legal and financial advisors, took into account PG&E's longstanding belief based on available evidence that its equipment did not cause the Tubbs Fire. As such, PG&E continues to believe that the Chapter 11 process will facilitate the orderly, fair and expeditious resolution of the liabilities that have arisen and will continue to arise in connection with the 2017 and 2018 Northern California wildfires.

Additional Resources

Additional resources for customers and other stakeholders, and other information on PG&E's filings, can be accessed by visiting PG&E's restructuring website at pge.com/reorganization. Court filings and other documents related to the Chapter 11 process in the U.S. are available on a separate website administered by PG&E's claims agent, Prime Clerk, at https://restructuring.primeclerk.com/pge. Information is also available by calling 1-844-339-4217 (toll-free in the U.S.) or 929-333-8977 (for parties outside the U.S.), as well as by emailing pgeinfo@primeclerk.com.

Advisors

Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are serving as PG&E's legal counsel, Lazard is serving as its investment banker and AlixPartners, LLP is serving as the restructuring advisor to PG&E.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. Each of PG&E Corporation and the Utility is a separate entity, with distinct creditors and claimants, and is subject to separate laws, rules and regulations. For more information, visit http://www.pgecorp.com. In this press release, they are together referred to as "PG&E" or the "Company."

Cautionary Statement Concerning Forward-Looking Statements

This press release includes forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and the Utility. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation and the Utility's annual report on Form 10-K for the year ended December 31, 2017, their quarterly reports on Form 10-Q for the quarters ended March 31, 2018, June 30, 2018, and September 30, 2018, and their subsequent reports filed with the SEC. Additional factors include, but are not limited to, those associated with the Chapter 11 cases, PG&E Corporation and the Utility's filing for relief under Chapter 11, and the timing and outcome of the investigation into the cause of the 2018 Camp fire. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.


Comments - Make a comment
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No Subject
Posted on: 2019-01-29 09:48:21   By: Anonymous
 
Great, rates going up again!

[Reply ]

    Claimants Get In Line
    Posted on: 2019-01-29 10:58:06   By: Anonymous
     
    Those who have lawsuits against PG&E now will be at a disadvantage because of the order of bankruptcy claimants. They also will have to wait longer for a less favorable award.

    Lets hope this will cause new management who will place the interests of California first especially regarding electricity distribution maintenance .
    PG&E has been remiss in maintaining it's distribution system in rural areas, causing many fires.

    [Reply ]

      Re: Claimants Get In Line
      Posted on: 2019-01-29 11:07:11   By: Anonymous
       
      Signs of the times-as it says in the good book: the powerful people will run up to the mountains and hide-(to paraphrase that). In other words pay back is a "mother." I know I am getting ready for the "Big Event." I don't know about anyone else, but I am.

      [Reply ]

        Re: Claimants Get In Line
        Posted on: 2019-01-29 15:23:49   By: Anonymous
         
        Never fear Gavin is here . HAHAHA

        [Reply ]

          Re: Claimants Get In Line
          Posted on: 2019-01-29 22:03:10   By: Anonymous
           
          Gavin ain't partin any seas. That's fer damn sure!

          [Reply ]

      #MAGA2020
      Posted on: 2019-01-31 07:32:23   By: Anonymous
       
      Democrats/"progressives"/liberals/leftists/socialists will do ANYTHING to get political power! The hypocritical and corrupt Democrats/"progressives"/liberals/leftists/socialists are going further and further left, and becoming more radicalized, aggressive, and hateful. They are for open-borders, sanctuary cities/states, big government, more regulations, identity politics, politically correctness, "free stuff" (health care, college education, guaranteed income, other entitlements), redistribution of wealth, a weak military, social engineering, are anti-gun ownership, for rewriting-history, censor what they don’t like, and are turning socialist and more violent. And, they’re guilty of voter fraud! We MUST take the House back in ’20, gain more control of the Senate, and reelect President Trump in ’20!!! VOTE STRAIGHT REPUBLICAN TICKET in ’20! VOTE, DAMN IT!

      [Reply ]

    Re: Laying new cables!!!
    Posted on: 2019-01-29 11:39:31   By: Anonymous
     
    Guess they are laying new cables, right up customers behinds!!! I wonder if this reaming can be scheduled ?

    [Reply ]

      Re: Laying new cables!!!
      Posted on: 2019-01-29 12:32:05   By: Anonymous
       
      Like the sign says- push no pipe.

      [Reply ]

    Re:
    Posted on: 2019-01-29 21:18:08   By: Anonymous
     
    HAHAHAHAHAHAHAHAH CROOKED, LYING, CHEATING, CORPORATE OFFICERS, HAHAHAHAHAHAHAHAHAHAHAH

    [Reply ]

No Subject
Posted on: 2019-01-29 13:09:15   By: Anonymous
 
I believe there are only two states in the US that if a fire started because of winds or a limb touching an electoral wire that it's called an act of nature and you can NOT sue and win.
Which I think is a good thing because that way, no matter where you live you'll be able to insure your home and belongings. But this state is full of democrats and therefore full of chit.



[Reply ]

    Conservative BS
    Posted on: 2019-01-29 14:05:20   By: Anonymous
     
    The Conservatives say you should not be able to sue a corporation.
    Typical conservative irresponsibility.
    Corporate responsibility BS.
    E-coli lettuce.
    Salmonella meat.

    tRump ended Obama's irrigation water regulations 6 months later, an e-coli letttuce outbreak.
    Thanks tRump and Conservative BS.

    [Reply ]

      Re: Conservative BS
      Posted on: 2019-01-29 15:35:39   By: Anonymous
       
      Please give examples of where conservatives ever said not to hold a person or corporation responsible for their actions. Responsibility is a cornerstone of conservative thinking.

      [Reply ]

    Re: electoral wire
    Posted on: 2019-01-29 20:40:58   By: Anonymous
     
    Is that electoral or did you mean electrical wire?

    [Reply ]

No Subject
Posted on: 2019-01-29 13:46:51   By: Anonymous
 
PG&E will be pulling the plug at 6;00pm pst. on Diablo Canyon, Hydro, Solar, and all power generating plants. They say it's on Gavin's back.

[Reply ]

    Like Ross Perot Ca Energy Brown Outs
    Posted on: 2019-01-29 14:13:42   By: Anonymous
     
    Remember the Ca deregulation electricity brown outs ?
    Ross Perot was giving seminars for the energy brokers on how to get highest prices thru withholding generation, purchases .
    Many electricity necessary companies lost millions from this fraud.
    Imagine Crystal dairy with a 2 ton tub of butter, almost churned, then the churn stopped. Thanks Ross .
    Arnold was in on one meeting.

    The Republicans were the ones that defrauded Ca consumers.

    The lesson is the Republicans have no morals, they are only after more $ F everyone else.

    Don't start trying to blame Newsome , that's BS.

    [Reply ]

      Re: Like Ross Perot Ca Energy Brown Outs
      Posted on: 2019-01-29 16:33:13   By: Anonymous
       
      It's Gavin fault

      [Reply ]

        Re: Conservative BS
        Posted on: 2019-01-29 18:47:32   By: Anonymous
         
        So tRump is no conservative?

        Remember Iran Contra?

        Was Reagan a Conservative?

        Was Reagan a person?

        Did he or didn't he promote Iran Contra?

        Reagan made a deal with the Iranians to keep the hostages so Carter would lose the election. When Reagan put his hand up to be sworn in Immediately the hostages were flown home.

        Did he then send $ to fight the Contras? Didn't the $ come from cocaine sales in America thru the gangs? Didn't the Air Force fly the cocaine up to the US stopping to refuel in Panama?

        Please give examples of where conservatives ever said not to hold a person or corporation responsible for their actions. Responsibility is a cornerstone of conservative thinking.

        Please tell me again how Conservatives are so responsible.
        Isn't the Republican party supposed to be Conservative?


        Republican Crime Family
        Since 1965:
        Democrats (25 years in power)
        3 indictments
        1 conviction
        1 prison sentence
        1 impeachment (failed)

        Republicans (28 years in power)
        120 indictments
        89 convictions
        34 prison sentences
        1 impeachment squashed by resignation

        And it looks like the Republicans are going
        to increase their commanding lead....



        [Reply ]

          Re: Conservative BS
          Posted on: 2019-01-29 19:54:47   By: Anonymous
           
          Liberals prefer to have regulations to avert economic collapses like 2008.
          Conservatives prefer to let the banksters run wild, then make even more $ with a bailout.
          Conservatives don't want regulations of known cancer causing chemicals.
          Liberals want to regulate chemicals to avert suffering from diseases.
          Conservatives prefer to make $ over preventing known crises.

          The difference is to be responsible, to prevent crises , the opposite of Conservatism.

          The romaine e-coli epidemic recently was caused by tRump rescinding Obama's irrigation water regulation.

          Score one for the Conservatives- Yeah. Oh and some people severely sickened. Oh well, got rid of that unnecessary regulation right?

          [Reply ]

            Re: Conservative BS
            Posted on: 2019-01-29 19:55:32   By: Anonymous
             
            Bloody diarrhea is fun!

            [Reply ]

              Re: Conservative BS
              Posted on: 2019-01-29 22:08:16   By: Anonymous
               
              Yeah. For the pitcher maybe, Not the catcher.

              [Reply ]

        Re: Like Ross Perot Ca Energy Brown Outs
        Posted on: 2019-01-29 21:19:49   By: Anonymous
         
        Yeah, but he's got a bangable wife.

        [Reply ]

          Re: Like Ross Perot Energy Brownies
          Posted on: 2019-01-29 22:06:33   By: Anonymous
           
          But It's Still Gavin fault

          [Reply ]

            Cooper has a chip,
            Posted on: 2019-01-30 00:10:27   By: Anonymous
             
            "Benghazi".

            [Reply ]

              Re: Cooper has a chip,
              Posted on: 2019-01-30 09:04:34   By: Anonymous
               
              Maybe Willie Browns Hoe , Camela, can use her Black Magic on the problem

              [Reply ]

                Re: Cooper has a chip,
                Posted on: 2019-01-30 17:58:36   By: Anonymous
                 
                Profanity

                [Reply ]

                  Re: Cooper has a chip,
                  Posted on: 2019-01-31 05:50:25   By: Anonymous
                   
                  Your mouth is as big as your ass and they both don't make any sense

                  [Reply ]

                    Re: Cooper has a chip,
                    Posted on: 2019-01-31 13:01:35   By: Anonymous
                     
                    How about my balls in your mouth!

                    [Reply ]

                      Re: Cooper has a chip,
                      Posted on: 2019-01-31 13:37:25   By: Anonymous
                       
                      Ok Billy Bendover

                      [Reply ]

    Re: Diablo Canyon et al
    Posted on: 2019-01-31 18:51:59   By: Anonymous
     
    So what happened with this"plug?" Your prediction was 2 days ago and nothing had happened yet.

    [Reply ]


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