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Chapter 11 Update: PG&E Issues Statement After U.S. District Court Reverses Preemption Decision

08/30/2002

San Francisco -- Pacific Gas and Electric Company today issued the following statement after the U.S. District Court reversed the U.S. Bankruptcy Court's preemption decision:

"Today's ruling is consistent with our interpretation of bankruptcy statutes, which PG&E believes expressly preempt state law to allow the Bankruptcy Court to fully implement our reorganization plan. While we are still reviewing the 37-page decision, we are pleased with the federal district court's ruling.

"PG&E's plan of reorganization seeks to preempt only a limited number of state laws and regulations necessary to allow it to emerge from bankruptcy. The reorganized utility and the three new companies would be subject to all applicable federal, state and local laws, including environmental and public health and safety regulations."

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