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Chapter 11 Update: PG&E Issues Statement Following Bankruptcy Court Decision On Extending Exclusivity

01/16/2002

SAN FRANCISCO - Pacific Gas and Electric Company today issued the following statement after the U.S. Bankruptcy Court extended the exclusivity period for its plan of reorganization, but allowed the CPUC by February 13 to provide the Court with specific and credible evidence that it can produce a viable alternative. The Court also ordered PG&E, the CPUC and the State to provide comments on January 25 whether a third party should be appointed to meet with those parties to try and attempt to resolve conflicts relating to PG&E's plan:

"Today, the Court has extended the exclusivity period for PG&E's plan of reorganization. PG&E has worked diligently toward a successful emergence from bankruptcy by developing a plan of reorganization that pays all valid claims in full with interest, without selling its assets or asking the Bankruptcy Court to raise rates or the state for a bailout. PG&E has been moving forward on its consensual plan and has received support of the Official Creditors' Committee, and many others.

"The CPUC has indicated it believes that it can prepare a plan that meets the same standards, and the Court has granted it until February 13 to provide the details of any such proposal. PG&E is pleased the Court made it clear that any plan outline the CPUC files must be clearly credible and capable of being confirmed, and will not result in merely additional delay in the resolution of PG&E's bankruptcy.

"One year ago this week, PG&E's creditworthiness was eliminated as a direct result of the CPUC's repeated and dramatic failure to heed clear warnings from the financial community. The CPUC has had ample opportunity to resolve these problems, but has failed to do so. Since PG&E presented its plan of reorganization, the CPUC has only attempted to delay and derail the company's effort to emerge from bankruptcy.

"PG&E is skeptical that the CPUC would now become a constructive party in trying to resolve the problems it has created and allowed to continue.

"PG&E understands the concerns that led the Court to suggest mediation as a possible approach to address the various areas of conflict. PG&E will be responding to the Court's proposal on January 25th."

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