PG&E claimant urges court to reconsider disclosure statement order

By Caroline Salls

Pittsburgh, March 26 – PG&E Corp. claimant William B. Abrams is asking the U.S. Bankruptcy Court for the Northern District of California to reconsider its order approving the disclosure statement for the company’s plan of reorganization, according to a motion filed Thursday.

Abrams said the order should be reconsidered “given the recent tort claimant committee resignations and the supplements to the disclosure statement that were filed after the order was issued.”

“The nature of the TCC resignations, the supplements to the disclosure statement and the updated financial projections that were filed by the debtors leave the disclosure statement fatally flawed given that the order was based on an incomplete and misleading record,” Abrams said in his motion.

In addition, Abrams said the PG&E debtors and the tort claimants committee are attempting to supplement the disclosure statement in order to gain acceptances of the plan instead of resolving a trust agreement and registration rights agreement that would allow “victim claimants” to make an informed decision on the plan.

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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