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: PACIFIC GAS AND ELECTRIC COMPANY PAYS $4.3 MILLION TO RESOLVE
APPROXIMATELY 4,000 CLAIMS
Valid Claims for $5,000
or Less Paid with Interest
SAN FRANCISCO - Pacific
Gas and Electric Company today paid more than $4.3 million to approximately
4,000 creditors holding valid claims of $5,000 or less. The U.S.
Bankruptcy Court earlier approved PG&E's request to pay this group
In Pacific Gas and Electric
Company's Chapter 11 case, more than 13,000 proofs of claims were
filed. The approximately 4,000 claims that were paid today resolve
about one-third of the total claims filed in the case.
Creditors also received
interest accrued at the Federal Judgment Rate on the allowed amount
of the claim from April 6, 2001 through June 30, 2002.
"We are pleased to be able
to pay these creditors early, especially since many of them are
individuals and small businesses that we have worked with for many
years," said Gordon R. Smith, president and chief executive officer
of Pacific Gas and Electric Company.
PG&E requested this early
payment to reduce the inconvenience on individuals and small businesses
and to simplify the claims resolution process going forward. By
paying these claims, PG&E will be able to focus its resources on
the larger and more complex claims. PG&E estimates the total amount
owed to creditors is about $13.3 billion, and its proposed plan
of reorganization pays all valid claims in full with interest.