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Chapter 11 Update: Pacific Gas And Electric Company Pays $4.3 Million To Resolve Approximately 4,000 Claims

07/31/2002

 

Valid Claims for $5,000 or Less Paid with Interest

 

SAN FRANCISCO - Pacific Gas and Electric Company today paid more than $4.3 million to approximately 4,000 creditors holding valid claims of $5,000 or less. The U.S. Bankruptcy Court earlier approved PG&E's request to pay this group of creditors.

In Pacific Gas and Electric Company's Chapter 11 case, more than 13,000 proofs of claims were filed. The approximately 4,000 claims that were paid today resolve about one-third of the total claims filed in the case.

Creditors also received interest accrued at the Federal Judgment Rate on the allowed amount of the claim from April 6, 2001 through June 30, 2002.

"We are pleased to be able to pay these creditors early, especially since many of them are individuals and small businesses that we have worked with for many years," said Gordon R. Smith, president and chief executive officer of Pacific Gas and Electric Company.

PG&E requested this early payment to reduce the inconvenience on individuals and small businesses and to simplify the claims resolution process going forward. By paying these claims, PG&E will be able to focus its resources on the larger and more complex claims. PG&E estimates the total amount owed to creditors is about $13.3 billion, and its proposed plan of reorganization pays all valid claims in full with interest.

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