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.
STATEMENT AFTER U.S BANKRUPTCY COURT DENIES REQUEST BY CPUC AND
CREDITORS' COMMITTEE TO REOPEN VOTING
San Francisco -- Pacific
Gas and Electric Company today issued the following statement after
the U.S. Bankruptcy Court denied the request by the California Public
Utilities Commission (CPUC) and Official Creditors' Committee to
reopen the voting period and allow creditors and equity holders
to revote on competing plans of reorganizations in PG&E's bankruptcy
"The Bankruptcy Court today
denied the CPUC and Creditors' Committee's motion to reopen the
voting period saying, 'that at some point you have to close the
"The case will now proceed
to the confirmation trial on November 12, 2002.
"The Court left open the
details of a procedure that would be used to consider the preference
of creditors who voted affirmatively for both plans, if both plans
emerge from the November hearings as confirmable.
"Last week, the results
of the voting by creditors were submitted to the U.S. Bankruptcy
Court, which showed PG&E's plan of reorganization received overwhelming
support from creditors, and the CPUC's alternative plan did not.
PG&E's plan received approval in nine of the ten voting classes,
while the CPUC's alternative was approved by only one of the eight
voting classes, despite the Creditors Committee's recommendation
that creditors vote for both plans.
"PG&E continues to believe
it has developed the only practical solution that allows the utility
to emerge from Chapter 11 as an investment-grade company, pays all
valid claims in full with interest and achieves these goals without
asking the Bankruptcy Court to raise rates or customers for a bailout."