Preliminary Results Show Overwhelming Support for PG&E’s Plan from Wildfire Victims
PG&E Corporation announced today the preliminary voting results on PG&E Corporation and Pacific Gas and Electric Company’s joint Plan of Reorganization (the "Plan"), which indicate overwhelming acceptance of the Plan by the wildfire victims entitled to vote on the Plan. Based on the preliminary voting results, PG&E believes that it remains on track for Plan confirmation by June 30, 2020, the deadline under AB 1054.
The preliminary results also indicate that all but one of the impaired classes have voted to accept the Plan. The sole dissenting class consists of holders of prepetition securities law claims related to PG&E Corporation common stock; these claims are subordinated pursuant to the provisions of the Bankruptcy Code.
Voting on the Plan ended on May 15, 2020. Voting results are subject to ongoing review by PrimeClerk, the balloting agent, and remain subject to change.
The final voting results for the Plan will be certified by PrimeClerk and filed with the U.S. Bankruptcy Court for the Northern District of California on or before May 22, 2020, and in advance of the company’s Plan confirmation hearing scheduled for May 27, 2020.
About PG&E Corporation
PG&E Corporation is a holding company headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company (the "Utility"), an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. Each of PG&E Corporation and the Utility is a separate entity, with distinct creditors and claimants, and is subject to separate laws, rules and regulations. For more information, visit http://www.pgecorp.com. In this news release, they are together referred to as "PG&E."
This press release contains forward-looking statements that are not historical facts, including statements about the results of Plan voting and expected Plan confirmation. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation’s and the Utility’s joint annual report on Form 10-K for the year ended December 31, 2019, the joint quarterly report on Form 10-Q for the quarter ended March 31, 2020 and other reports filed with the SEC, which are available on PG&E Corporation’s website at www.pgecorp.com and on the SEC website at www.sec.gov. Additional factors include, but are not limited to, those associated with the Chapter 11 cases of PG&E Corporation and the Utility that commenced on January 29, 2019. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.