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PG&E: Voters overwhelmingly support Plan of Reorganization

PG&E's Plan of Reorganization confirmation hearing is scheduled for May 27, 2020.

Posted: May 22, 2020 5:40 PM
Updated: May 22, 2020 11:20 PM

CALIFORNIA - PG&E announced on May 22 the final voting results of its Plan of Reorganization, saying wildfire victims "overwhelmingly support" the plan.

According to the utility, the plan received overwhelming support "from all but one of the classes of impaired creditors and interest holders entitled to vote."

The final voting results were filed with the U.S. Bankruptcy Court on Friday, May 22.

"The voting certification reflects that the Plan was accepted by in excess of 85 percent in both number and amount of wildfire victims who cast votes on the Plan," the utility shared on Friday.

Acceptance of the plan is an important milestone in their financial restructuring process, according to the utility. This decision 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", according to CEO Bill Johnson.

The finale voting results help the company stay on track to get its Plan of Reorganization confirmed by June 30 of this year, a deadline set in place by 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 utility shared.

PG&E's plan confirmation hearing is scheduled for May 27, 2020.

For voting results and court documents, CLICK HERE.

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A trough of low pressure is moving over northern California this afternoon and tonight, and that will increase our wind speed and raise our area's fire danger even further. The wind will be weaker Thursday, but the smoke will get worse.
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