PCG

dealmaker · Apr 4, 2019

PG&E is expected to name Bill Johnson as chief executive of the bankrupt California energy company facing $30 billion in wildfire liabilities, as soon as Wednesday, a source familiar with the private negotiations said on Tuesday. Johnson, who has been the CEO of the Tennessee Valley Authority since 2013 and is retiring on Friday, would not comment on the PG&E rumors. (CNBC finance)

dealmaker · Apr 9, 2019

California weighs catastrophic wildfire fund as way to protect utilities

Creation of a catastrophic wildfire risk pool is emerging as the most likely option as California lawmakers seek to protect the solvency of investor-owned utilities from record payouts for fire damages. PG&E filed for a bankruptcy reorganization this year, saying it cannot count on the state to allow it to recoup its costs through rates. (Insurance Journal)

dealmaker · May 1, 2019

California lawmaker wants continued scrutiny of PG&E bankruptcy

Assemblymember Chris Holden warned PG&E that any bankruptcy-sanctioned reorganization must not jeopardize the state's "safety, energy reliability and climate change goals." The resolution also states that the legislature expects the California Public Utilities Commission and any other state entity representing California in the bankruptcy proceedings to ensure that wildfire victims deemed PG&E's responsibility have their damages "resolved equitably." (Natural Gas Intelligence)

dealmaker · May 10, 2019

Judge tells PG&E’s board to tour wildfire-ravaged California town

A federal judge has ordered board members of Pacific Gas & Electric to tour the Northern California town of Paradise, which was leveled by a wildfire that may have been caused by the utility’s equipment. The judge ordered the tour as part of the utility’s punishment for violating its felony probation terms, per the San Francisco Chronicle. (Insurance Journal)

dealmaker · May 14, 2019

PG&E management to tour Paradise, San Bruno to satisfy judge

PG&E has agreed to new probation terms that require its new chief executive and governing board to tour the towns of Paradise and San Bruno to satisfy a federal judge that the company understands the harm it has inflicted on the communities. Judge William Alsup – who is overseeing PG&E’s criminal probation over the 2010 San Bruno disaster – floated the idea of a tour and other measures at a hearing on May 7 but left it to the parties to work out the details. (NBC Bay Area)

dealmaker · May 16, 2019

PG&E Fire

Californian investigators have pinned the state's deadliest wildfire on a faulty PG&E transmission line near the town of Pulga. The finding adds extra pressure to the utility, which is already facing enormous liability costs. Wall Street Journal

dealmaker · May 29, 2019

CPUC announces public meetings on PG&E $2B rate increase request

The California Public Utilities Commission on Tuesday announced a series of public meetings in July to obtain comment on PG&E Co.’s request to charge customers nearly $2 billion more in the next three years to help pay for wildfire safety improvements and other costs. The meetings will be held in San Francisco, Stockton, Chico, Oakland, San Jose, San Luis Obispo, Santa Rosa, Bakersfield and Fresno. (CBS)

dealmaker · Jun 3, 2019

PG&E creditors to boost restructuring plan to $45 billion

A group of PG&E Corp. creditors could preempt the embattled California utility's own attempt to claw its way out of bankruptcy by presenting a restructuring plan that could be worth at least $45 billion, according to people familiar with the matter. (Pensions & Investments)

dealmaker · Jul 27, 2019

Dear Current or Former PG&E Customer,

You are receiving this email to inform you that PG&E Corporation and Pacific Gas and Electric Company (collectively, “PG&E”) have reached the next step in their Chapter 11 Cases: the setting of the “Bar Date.”

The Bar Date is the deadline by which any person or entity must file a Proof of Claim if they believe money is owed to them by PG&E for the period prior to the January 29, 2019, Chapter 11 filing. The U.S. Bankruptcy Court for the Northern District of California has set the Bar Date at October 21, 2019, at 5:00 p.m. Prevailing Pacific Time.

The Bar Date and the procedures for filing Proofs of Claim apply to all claims against PG&E that arose before January 29, 2019.

Please note:

1.
All PG&E customers are receiving this notice. Receiving this notice does not mean that you have a claim or that PG&E or the Bankruptcy Court believes that you have a claim.

2.
Customers are not required to file Proofs of Claim for ordinary and customary refunds, overpayments, billing credits, deposits, or similar billing items. Inquiries relating to these items should continue to be directed to PG&E’s customer service center.

3.
If you do not believe you have a claim against PG&E, you do not need to do anything in response to this Notice or return a Proof of Claim Form.

4.
To the extent you believe that you have a claim that arose before January 29, 2019, or that you are otherwise owed money by PG&E from before the Chapter 11 filing date that has not been paid (other than an amount referenced in paragraph 2 above), you MUST file a Proof of Claim by October 21, 2019, at 5:00 p.m. (Pacific Time). If you fail to do so your claim may be barred and you may not receive any distribution under any Chapter 11 plan for PG&E.

5.
IF YOU BELIEVE YOU HAVE A CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THE NORTHERN CALIFORNIA FIRES THAT OCCURRED PRIOR TO JANUARY 29, 2019, YOU MUST FILE THE APPLICABLE FIRE PROOF OF CLAIM FORM BY THE BAR DATE.

6.
If you have already submitted a claim to PG&E’s claims agent, Prime Clerk, prior to receiving this notice, you do not need to file another Proof of Claim.

For further information regarding the Bar Date, including how to file a Proof of Claim, please review the Customer Bar Date Notice.
To find more information on PG&E’s Chapter 11 Cases, please visit www.pge.com/reorganization.
If you require additional information regarding the Chapter 11 Cases or the Bar Date, you may contact Prime Clerk at pgecustomerbardateinfo@primeclerk.com. Please note that Prime Clerk cannot provide legal advice, nor can it advise you as to whether you should file a Proof of Claim.

dealmaker · Oct 8, 2019

Hedge Funds Have Billions on the Line at PG&E’s Bankruptcy Hearing – and Equity-Holder Seth Klarman is Pitted Against Bond-Holder Paul Singer (Business Insider)
The final decision in the sprawling multi-billion-dollar bankruptcy of Pacific Gas & Electric will make some well-known hedge fund managers very happy, and ruin the years-long work of others. The California utility that was found partially responsible for some of the state’s recent massive wildfires had the backing of its major shareholders – including David Abrams‘ Abrams Capital, John Paulson‘s hedge fund, Fidelity, and dozens of other managers – for an $11 billion Chapter 11 plan that would have paid out insurance claims at a rate that would make Seth Klarman‘s Baupost Group hundreds of millions.