Chapter 11 Update: PG&E To Register To Sell Debt In Connection With Proposed Plan To Exit Chapter 11


SAN FRANCISCO - Pacific Gas and Electric Company today announced that it intends to file early next week a registration statement with the Securities and Exchange Commission (SEC) for the offer and sale of up to $9.4 billion of debt securities.

The company stated that the filing was being made to begin the process of registering debt securities that it intends to issue to the public in connection with the proposed plan of reorganization submitted by the company and the Official Committee of Unsecured Creditors in the company's Chapter 11 case. The proceeds of the sales would be used, together with cash on hand and possible other debt financings, to pay creditor claims.

The proposed plan of reorganization reflects the terms of the proposed settlement agreement announced in June between the company and the staff of the California Public Utilities Commission (CPUC). As reported last week to the U.S. Bankruptcy Court, the final results of the creditor vote show overwhelming support for this proposed plan.

In addition to registration of the debt securities with the SEC, the CPUC must approve the proposed settlement agreement, the U.S. Bankruptcy Court must confirm the proposed plan of reorganization and certain other conditions must be met before the securities could be issued and the plan becomes effective. CPUC hearings to consider the proposed settlement were completed as planned in September, and the CPUC is scheduled to issue its final decision in December 2003. Bankruptcy court hearings on the confirmation of the proposed plan of reorganization are scheduled to begin November 10.

This press release does not constitute an offer of any securities for sale.


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