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Chapter 11 Update: Pacific Gas And Electric Company Issues Statement On Cpuc's Action In The Bankruptcy Case

01/08/2002

SAN FRANCISCO - Pacific Gas and Electric Company today issued the following statement after the California Public Utilities Commission (CPUC) filed a motion in Bankruptcy Court objecting to the extension of the utility's exclusivity period and announced sparse elements of an alternative plan:

"The CPUC announcement today is simply the latest in a series efforts to delay PG&E's emergence from bankruptcy. The CPUC, whose actions and inactions were a major cause of the state's energy crisis and PG&E's bankruptcy, has tried to obstruct our efforts to resolve the case.

"PG&E has developed a plan of reorganization that resolves all creditor claims, does not ask the Bankruptcy Court to raise rates, protects customers from rate volatility and provides a path for the state to get out of the energy business. Our plan is supported by the Official Creditors' Committee and has been developed in record time, notable achievements in a bankruptcy of this size.

"The elements outlined today by the CPUC do not appear to provide these benefits. We will be asking the Bankruptcy Court to deny the CPUC's request."

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