PG&E looks to extend exclusive plan solicitation period to June 30

By Caroline Salls

Pittsburgh, Feb. 28 – PG&E Corp. requested an extension of its exclusive period for soliciting votes on its Chapter 11 plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Northern District of California.

Specifically, PG&E asked the court to extend its exclusive plan solicitation period through June 30.

The company said it has achieved settlements with all of its major impaired creditor and equity constituencies and is proceeding toward confirmation of its plan by the June 30 deadline set by California’s recently enacted wildfire fund legislation.

The hearing on approval of the disclosure statement for PG&E’s plan is scheduled for March 10, and the plan confirmation hearing for May 27.

“Extending the debtors’ exclusive solicitation period as requested herein will ensure the debtors are able to prosecute their plan without distraction or interruption from any other potential competing plan and adhere to the confirmation timeline set by the court,” the motion said.

A hearing on approval of the exclusivity extension is scheduled for March 25.

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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