PG&E Resolves $4 Million Butte County Fine Issue
31 März 2020 - 2:04AM
Business Wire
$4 Million Payment Will Not Reduce the
Amount Available for Wildfire Victims
PG&E Corporation and Pacific Gas and Electric Company
(together, “PG&E”) announced today that the satisfaction of the
$4 million in fines and expenses associated with the plea agreement
with the Butte County District Attorney will not reduce the amount
of funds available to satisfy wildfire victim claims under
PG&E’s Plan of Reorganization (“Plan”).
The $4 million amount will be funded to the Fire Victim Trust
from income earned on the distribution to be made to the
subrogation claimants under the Plan. As a result, there will be no
reduction in the amount available for wildfire victims.
This resolution ensures that PG&E will remain in full
compliance with the funding commitments it has obtained that are
critical to its timely and successful emergence from Chapter 11,
and, most importantly, to expedite the fair and timely payments to
victims.
The overall settlements in the Plan of Reorganization do not
increase and will remain $25.5 billion.
PG&E's Plan remains subject to approval by the California
Public Utilities Commission and the Bankruptcy Court. The
Bankruptcy Court is scheduled to hold a hearing on the confirmation
of PG&E's Plan on May 27, 2020, following a vote solicitation
process for relevant parties that will take place in the coming
weeks.
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.
Cautionary Statement Concerning 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. 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 and
Pacific Gas and Electric Company’s annual report on Form 10-K for
the year ended December 31, 2019, and their subsequent reports
filed with the Securities and Exchange Commission (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 Pacific Gas and
Electric Company that commenced on January 29, 2019. PG&E
Corporation and Pacific Gas and Electric Company 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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