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PG&E Corporation announces final voting results on plan of reorganisation

Published by , Editorial Assistant
World Pipelines,

PG&E Corporation has announced the final voting results on PG&E Corporation and Pacific Gas and Electric Company’s joint Chapter 11 Plan of Reorganisation (the Plan) as certified by Prime Clerk, PG&E’s court-authorised solicitation and balloting agent.

The Plan received overwhelming support from all but one of the classes of impaired creditors and interest holders entitled to vote, including fire claimants, insurance subrogation claimants, public entity fire claimants, certain holders of prepetition funded debt and other creditors, and shareholders.

The final voting results were filed with the US Bankruptcy Court for the Northern District of California on May 22, 2020.

The voting certification reflects that the Plan was accepted by in excess of 85% in both number and amount of wildfire victims who cast votes on the Plan.

“The acceptance of the Plan of Reorganisation by wildfire victims and other voting creditors and shareholders is an important milestone in our financial restructuring process, moving PG&E one step closer to compensating fire victims and emerging from Chapter 11 as a stronger, financially sound company positioned for long-term success,” said Bill Johnson, CEO and President of PG&E Corporation. “PG&E remains committed to prioritising safe operations and customer focus while meeting California’s energy needs and clean energy goals.”

The final voting results help the company stay on track to get its Plan confirmed by 30 June 2020, the deadline under Assembly Bill 1054.

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.

The company’s Plan confirmation hearing is scheduled for 27 May 2020.

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