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PG&E Issues Statement After U.S Bankruptcy Court Denies Request By Cpuc And Creditors' Committee To Reopen Voting

09/20/2002

San Francisco -- Pacific Gas and Electric Company today issued the following statement after the U.S. Bankruptcy Court denied the request by the California Public Utilities Commission (CPUC) and Official Creditors' Committee to reopen the voting period and allow creditors and equity holders to revote on competing plans of reorganizations in PG&E's bankruptcy proceeding:

"The Bankruptcy Court today denied the CPUC and Creditors' Committee's motion to reopen the voting period saying, 'that at some point you have to close the voting booth.'

"The case will now proceed to the confirmation trial on November 12, 2002.

"The Court left open the details of a procedure that would be used to consider the preference of creditors who voted affirmatively for both plans, if both plans emerge from the November hearings as confirmable.

"Last week, the results of the voting by creditors were submitted to the U.S. Bankruptcy Court, which showed PG&E's plan of reorganization received overwhelming support from creditors, and the CPUC's alternative plan did not. PG&E's plan received approval in nine of the ten voting classes, while the CPUC's alternative was approved by only one of the eight voting classes, despite the Creditors Committee's recommendation that creditors vote for both plans.

"PG&E continues to believe it has developed the only practical solution that allows the utility to emerge from Chapter 11 as an investment-grade company, pays all valid claims in full with interest and achieves these goals without asking the Bankruptcy Court to raise rates or customers for a bailout."

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