EDITORS: Please do not use
"Pacific Gas and Electric" or "PG&E" when
referring to PG&E Corporation or its National Energy Group.
The PG&E National Energy Group is not the same company as Pacific
Gas and Electric Company, the utility, and is not regulated by the
California Public Utilities Commission. Customers of Pacific Gas
and Electric Company do not have to buy products or services from
the National Energy Group in order to continue to receive quality
regulated services from Pacific Gas and Electric Company.
UPDATE: PG&E SUBMITS SUMMARY OF REMAINING OBJECTIONS TO THE U.S
Utility Fully Resolved More
Than 20 Objections; Almost All Others Partially Resolved
SAN FRANCISCO - As requested
by the U.S. Bankruptcy Court, Pacific Gas and Electric Company today
filed with the Court a summary of the remaining objections to the
company's Disclosure Statement, the document which accompanies and
describes the company's plan to emerge from bankruptcy. This summary
of objections will be used by the Court in the upcoming hearing
to determine the adequacy of the Disclosure Statement, scheduled
to be held on January 14.
Of the more than 12,000
creditor claims on file in PG&E's bankruptcy, only 73 parties raised
objection to the Disclosure Statement. Beginning as soon as these
were received, the utility has contacted and spoken with every single
objecting party in an effort to resolve their concerns. Through
discussions and negotiations, and through additions and changes
to the Disclosure Statement, PG&E was able to get more than 20 objections
entirely withdrawn and almost all others at least partially resolved.
The utility states in its
filing that it believes that none of the remaining objections -
many of which raise nearly identical issues - have legal or factual
merit. Following is a summary of the categories of remaining objections:
Long Term Notes
- This group comprises those Objectors that are indenture trustees
for holders of various categories of long-term notes issued
Power Generator Objections
- This group includes not only the various generator Objectors
but also the Official Committee of Participant Creditors of
the California Power Exchange.
Letter of Credit
Bank Objections - This group is comprised of banks that
have issued letters of credit supporting the issuance of bonds
by PG&E or have provided other financial accommodation to PG&E.
The objections largely raise issues of further disclosure of
Objections - This group includes Objectors raising various
issues arising out of perceived environmental effects of the
reorganization proposed in the Plan or environmental claims
Objections - This group includes Objectors who are involved
in pre-petition litigation with PG&E; these objections raise
issues pertaining to disposition of their individual claims.
Issues - This group includes Objectors who are parties to
executory contracts with the Debtor. The objections are principally
concerned with the proposed treatment of these executory contracts.
Power Agency, County and City Issues Objections - These
Objectors raise issues common to various California cities and
counties and NCPA.
- This grouping includes parties whose objections are specifically
concerned with their individual circumstances or do not fall
into one of the above groups.