PG&E Issues Update on Offers for Committed Financing for Plan of Reorganization

PG&E intends to continue to work collaboratively with all stakeholders as we further refine a plan of reorganization that meets the objectives outlined in our second-quarter earnings release and recent filings with the Bankruptcy Court.

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Business Wire, Inc.
Retrieved on: 
Tuesday, August 13, 2019
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Energy, Utilities, Oil, Gas, Energy in California, Financial District, San Francisco, Pacific Gas and Electric Company, Bankruptcy, Forward-looking statement, Chapter 11, Title 11, United States Code, Economy of the United States, Economy, Companies
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California, United States
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PG&E CORPORATION
Summary
Key Points: 
  • PG&E intends to continue to work collaboratively with all stakeholders as we further refine a plan of reorganization that meets the objectives outlined in our second-quarter earnings release and recent filings with the Bankruptcy Court.
  • PG&E Corporation (NYSE: PCG) is a holding company headquartered in San Francisco.
  • Additional factors include, but are not limited to, those associated with PG&E Corporations and the Utilitys chapter 11 cases.
  • 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.


PG&E Corporation (NYSE: PCG) and Pacific Gas and Electric Company (collectively, “PG&E”) today announced that, following the earlier proposal made by Abrams Capital Management and Knighthead Capital Management, PG&E has been offered substantially similar equity capital commitments from a number of financial institutions in support of a plan of reorganization of PG&E. These commitments currently exceed $12 billion.

PG&E intends to continue to work collaboratively with all stakeholders as we further refine a plan of reorganization that meets the objectives outlined in our second-quarter earnings release and recent filings with the Bankruptcy Court.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. For more information, visit http://www.pgecorp.com.

Forward-Looking Statements

This news release includes forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and Pacific Gas and Electric Company (the “Utility”). 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 the factors disclosed in PG&E Corporation’s and the Utility’s Annual Report on Form 10-K for the year ended December 31, 2018, their most recent Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019 and June 30, 2019, and their subsequent reports filed with the Securities and Exchange Commission. Additional factors include, but are not limited to, those associated with PG&E Corporation’s and the Utility’s chapter 11 cases. 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.

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