NEW YORK--(BUSINESS WIRE)--Certain PG&E Corp. Shareholders (the “Investors”) are pleased with the Company, California Public Utilities Commission (“CPUC”), and Governor’s plan to develop a protocol for PG&E moving forward, as well as Judge Montali’s order for a continuance of the hearing of the Ad Hoc Bondholder Group’s motion to terminate PG&E Corporation’s exclusive right to file a plan of reorganization. The adjournment to August 13th will provide an opportunity for PG&E and its stakeholders to work towards the development of a framework through which PG&E will determine the most appropriate plan sponsorship and financing proposal. This agreement to develop a process reflects input from and discussions between PG&E and the CPUC, Governor Newsom’s office, and the Investors, among others. The proposed process is expected to enable PG&E to emerge from Chapter 11 in a manner that will allow PG&E to continue to invest in its system and provide safe, reliable and clean energy without impacting customer rates, while also meeting the June 30, 2020 deadline in the recently enacted AB 1054.
Steve Zelin, Partner, PJT Partners, and financial advisor to the Investors, stated: “This is an important step towards allowing PG&E to conduct a transparent, fair and equitable financing process to help it emerge from Chapter 11, satisfy its claims in full, and position PG&E to re-attract traditional utility equity investors. The Investors look forward to working with the Company and all stakeholders constructively throughout this process and stand ready to provide capital, as needed, to ensure that the most efficient and equitable form of financing is achieved.”