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Update on Court-Approved PUC Disclosure Statement

The U.S. Bankruptcy Court for the Northern District of California late last week approved the California Public Utilities Commission's (PUC) disclosure statement, which describes the Commission's plan for reorganizing PG&E, California's largest utility. The Court's order permits the Commission's plan to be mailed to creditors for a vote along with the rival plan proposed by PG&E.  Entry of the Court's order is only the latest evidence of the momentum building for the Commission's plan. 

In another significant development, the Official Committee of Unsecured Creditors in PG&E's bankruptcy case has amended the agreement in which it had pledged to support PG&E's plan, so that it is now free to support the Commission's plan and to encourage creditors to prefer the Commission's plan over PG&E's plan.  Creditors and equity interest holders will have an opportunity to vote on each plan and to express a preference for one.

"We welcome the fact that the Creditors' Committee has now placed the Commission's plan on a level playing field with PG&E's, and expect that creditors will prefer our plan because it pays them 100 percent in cash, is simpler and does not have the serious legal obstacles that make PG&E's plan unconfirmable," said Gary Cohen, General Counsel for the PUC. 

The parties anticipate mailing solicitation packages and ballots to creditors and equity interest holders on June 17, 2002. 


Last Modified: 10/24/2007

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