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PG&E: Further mediation ordered with confirmation deadline looming
By Caroline Salls
Pittsburgh, Feb. 19 – PG&E Corp. was ordered to participate in further Chapter 11 plan mediation, according to an order filed Tuesday by the U.S. Bankruptcy Court for the Northern District of California.
“The court believes the exigencies of these cases require further attempts by the appointed mediator to assist certain parties to resolve differences, which unresolved, may adversely affect a successful effort by all to achieve confirmation of a Chapter 11 plan by June 30,” the order said.
Specifically, the court said mediation should cover an objection filed by the PG&E tort claimants’ committee (TCC) to $2.7 billion in claims filed by the California Governor’s Office of Emergency Services, an objection filed by the TCC to $3.9 billion in claims filed by the Department of Homeland Security/Federal Emergency Management Agency and a dispute related to an extension of the claims filing deadline for some creditors.
In October, the judge handling PG&E’s Chapter 11 bankruptcy case ordered mediation in “a good faith effort to mediate whatever issues can be identified.”
The judge said at that time that the goal of the mediation was to confirm a Chapter 11 plan in order to set in place the next stage of the complex process of compensating wildfire victims for their losses, other creditors are entitled to receive what they are owed under the law and equity owners are “entitled to consideration of their rights under whatever alignment or realignment may follow as part of a Chapter 11 plan.”
Retired bankruptcy judge Randall J. Newsome was appointed as mediator.
The electric and natural-gas utility is based in San Francisco. The company filed bankruptcy on Jan. 29, 2019 under Chapter 11 case number 19-30088.
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