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."