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PG&E exclusive plan-vote solicitation period extended through March 20
By Caroline Salls
Pittsburgh, Nov. 21 – PG&E Corp. obtained an extension of its exclusive right to solicit votes on a Chapter 11 plan, according to an order filed Friday with the U.S. Bankruptcy Court for the Northern District of California.
Specifically, the company’s exclusive plan-vote solicitation period was extended through March 20.
PG&E said the request was subject to the relief granted by the court under an exclusivity termination order, which allows the official committee of tort claimants and an informal committee of senior noteholders to file and solicit their competing Chapter 11 plan, without prejudice to the PG&E debtors’ right to seek additional extensions of the exclusive solicitation period.
The company said the PG&E debtors and other parties were in the midst of estimation proceedings currently pending before three separate courts and also are involved in the briefing and litigation of significant confirmation-related issues relevant to both proposed plans.
In addition, PG&E said regulatory proceedings that are key to the Chapter 11 process were ongoing before the California Public Utility Commission.
“Due to these unresolved contingencies and, in particular, the ongoing estimation proceedings, as the court recognized, neither the debtors nor the proponents of the TCC/noteholder plan are in a position to file and obtain approval of a disclosure statement for their respective Chapter 11 plans, and, therefore, the solicitation process cannot even commence at this juncture of the cases,” the motion said.
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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