Voting Wildfire Victims Overwhelmingly Support PG&E’s Plan
Confirmation Hearing Scheduled to Begin May 27, 2020 in Bankruptcy Court
SAN FRANCISCO–(BUSINESS WIRE)–PG&E Corporation announced today the final voting results on PG&E Corporation and Pacific Gas and Electric Company’s joint Chapter 11 Plan of Reorganization (the “Plan”) as certified by Prime Clerk, PG&E’s court-authorized solicitation and balloting agent. The Plan received overwhelming support from all but one of the classes of impaired creditors and interest holders entitled to vote, including fire claimants, insurance subrogation claimants, public entity fire claimants, certain holders of prepetition funded debt and other creditors, and shareholders.
The final voting results were filed with the U.S. Bankruptcy Court for the Northern District of California on May 22, 2020.
The voting certification reflects that the Plan was accepted by in excess of 85 percent in both number and amount of wildfire victims who cast votes on the Plan.
“The acceptance of the Plan of Reorganization by wildfire victims and other voting creditors and shareholders is an important milestone in our financial restructuring process, moving PG&E one step closer to compensating fire victims and emerging from Chapter 11 as a stronger, financially sound company positioned for long-term success,” said Bill Johnson, CEO and President of PG&E Corporation. “PG&E remains committed to prioritizing safe operations and customer focus while meeting California’s energy needs and clean energy goals.”
The final voting results help the company stay on track to get its Plan confirmed by June 30, 2020, the deadline under Assembly Bill 1054.
The sole dissenting class consists of holders of prepetition securities law claims related to PG&E Corporation common stock; these claims are subordinated pursuant to the provisions of the Bankruptcy Code.
The company’s Plan confirmation hearing is scheduled for May 27, 2020.
The voting results can be found, along with other Court filings and documents, at https://restructuring.primeclerk.com/pge.
About PG&E Corporation
PG&E Corporation is a holding company headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company (the “Utility”), an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. Each of PG&E Corporation and the Utility is a separate entity, with distinct creditors and claimants, and is subject to separate laws, rules and regulations. For more information, visit http://www.pgecorp.com. In this news release, they are together referred to as “PG&E.”
This press release contains forward-looking statements that are not historical facts, including statements about PG&E’s financial restructuring process and emerging from Chapter 11. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation and the Utility’s joint annual report on Form 10-K for the year ended December 31, 2019, their joint quarterly report on Form 10-Q for the quarter ended March 31, 2020 and other reports filed with the SEC, which are available on PG&E Corporation’s website at www.pgecorp.com and on the SEC website at www.sec.gov. Additional factors include, but are not limited to, those associated with the Chapter 11 cases of PG&E Corporation and the Utility that commenced on January 29, 2019. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.