PG&E exclusivity hearing pushed back to Aug. 13 to work on framework

By Caroline Salls

Pittsburgh, July 24 – A hearing on a motion to terminate PG&E Corp.’s exclusive plan periods has been continued to Aug. 13 to give the company and its stakeholders the chance to work on a framework through which PG&E will determine the most appropriate plan sponsorship and financing proposal, according to a news release.

As previously reported, the motion originally scheduled to be heard on July 24 was filed by an informal bondholder group.

The release said some PG&E shareholders are pleased with a plan formed by the company, the California Public Utilities Commission and the California governor to develop a protocol for PG&E moving forward.

Steve Zelin, a partner at investor financial adviser PJT Partners, said in the release, “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.”

The electric and natural-gas utility is based in San Francisco. The company filed bankruptcy on Jan. 29, 2019 in the U.S. Bankruptcy Court for the Northern District of California under Chapter 11 case number 19-30088.

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