PG&E Announces Amendment to Restructuring Support Agreement with Individual Wildfire Victims’ Representatives
December 16 2019 - 11:14PM
Business Wire
PG&E Corporation and Pacific Gas and Electric Company
(together, “PG&E”) today announced that they have entered into
an amendment to the Restructuring Support Agreement among the
company and certain representatives of the wildfire victims (the
"Tort Claimants RSA") in order to reaffirm the parties’ continued
support of the $13.5 billion settlement. The amendment to the Tort
Claimants RSA eliminates the provision that would automatically
terminate the Tort Claimants RSA if the Governor of California
advises PG&E that its Chapter 11 Plan (the “Plan”) does not, in
his sole judgment, comply with Assembly Bill 1054 (AB 1054) and the
Plan is not modified in a manner acceptable to the Governor by
December 17, 2019.
The parties intend to proceed with the Tort Claimants RSA
approval hearing before the Bankruptcy Court on December 17, 2019.
The company fully intends to comply with the provisions of AB 1054
and will continue to address the concerns in the letter to the
company from the Governor dated December 13, 2019. PG&E has
been engaged in constructive dialogue 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.
Public Dissemination of Certain Information
PG&E Corporation and Pacific Gas and Electric Company (the
“Utility”) routinely provide links to the Utility’s principal
regulatory proceedings with the California Public Utilities
Commission and the Federal Energy Regulatory Commission at
http://investor.pgecorp.com, under the “Regulatory Filings” tab, so
that such filings are available to investors upon filing with the
relevant agency. PG&E Corporation and the Utility also
routinely post, or provide direct links to, presentations,
documents, and other information that may be of interest to
investors at http://investor.pgecorp.com, under the “Chapter 11,”
“Wildfire Updates” and “News & Events: Events &
Presentations” tabs, respectively, in order to publicly disseminate
such information. It is possible that any of these filings or
information included therein could be deemed to be material
information.
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. 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.
Forward-Looking Statements
This press release contains forward-looking statements that are
not historical facts, including statements about the beliefs,
expectations, estimates, future plans and strategies of PG&E
Corporation and the Utility, including but not limited to their
bankruptcy emergence plan and related financings. 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, including the possibility that the conditions to
emergence in the Plan or to funding under equity financing
commitments will not be satisfied. 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 and the Utility’s joint Annual Report on Form 10-K for
the year ended December 31, 2018, their joint Quarterly Reports on
Form 10-Q for the quarters ended March 31, 2019, June 30, 2019 and
September 30, 2019, and their subsequent reports filed with the
Securities and Exchange Commission. 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.
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