Chapter 11 Update: Pacific Gas And Electric Company Issues Statement On Cpuc's Alternate Plan Of Reorganization


SAN FRANCISCO - Pacific Gas and Electric Company today issued the following statement after the California Public Utilities Commission (CPUC) held a press conference to discuss its alternate plan of reorganization:

"The CPUC's second attempt to develop an alternative bankruptcy plan is no more practical or confirmable than their first plan. Admitting that their first effort fell $4.5 billion short, their second attempt seeks to close that gap by issuing billions in new debt and through a scheme to issue stock in the utility to raise cash. We believe the CPUC's plan could not be confirmed or implemented.

"More than a year late, the Commission finally recognizes the need to have investment grade utility companies so that the state can exit the procurement business. Yet their plan makes none of the fundamental regulatory commitments needed to achieve or assure investment grade status.

"The CPUC's plan to eliminate any return on equity violates federal and state law and would prompt substantial litigation. The proposed equity sale violates the rights of shareholders. It also would greatly harm tens of thousands of our employees and retirees whose 401(k) accounts, and retirement plans include significant amounts of PG&E stock. They and thousands of small shareholders, many on fixed incomes, have seen their investments decimated by the actions of the CPUC over the past two years."


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