PG&E amends restructuring agreement to address governor’s concerns

By Caroline Salls

Pittsburgh, Dec. 17 – PG&E Corp. and Pacific Gas and Electric Co. entered into an amendment to the restructuring support agreement with representatives of wildfire victims’ tort claims in order to reaffirm the parties’ continued support of the $13.5 billion settlement, according to a news release.

PG&E said the amendment eliminates a provision that would automatically terminate the tort claimants’ restructuring support agreement if the governor of California advises the company that its Chapter 11 plan does not, in his judgment, comply with Assembly Bill 1054 and the plan was not modified in a manner acceptable to the governor by Dec. 17.

The company said the parties intended to proceed with a tort claimants’ restructuring support agreement approval hearing scheduled for Dec. 17.

In addition, PG&E said it fully intends to comply with the provisions of AB 1054 and will continue to address the concerns listed in a letter to the company from the governor.

Specifically, the company said it has been in talks to address those concerns, with the common objectives of having PG&E be safe, sound and financially stable upon emergence from Chapter 11. PG&E expects this dialogue to continue, the release 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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