SAN FRANCISCO, Calif. — The Board of Directors (the "Board") of PG&E Corporation (NYSE: PCG) ("PG&E" or the "Company") today issued the following statement in response to the proposal from Abrams Capital Management ("Abrams") and Knighthead Capital Management ("Knighthead") to provide equity capital commitments in support of a plan of reorganization of PG&E.
"The Company has received the financing proposal from Abrams and Knighthead and is evaluating it, including the backstop commitment letters and related materials, in consultation with the Company's advisors. The Company will respond to the proposal in due course.
PG&E intends to work collaboratively with all of its stakeholders as we continue to further refine a plan of reorganization that meets the objectives outlined in our second-quarter earnings release and recent filings with the Bankruptcy Court."
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. For more information, visit pgecorp.com.
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 (the "Utility"). 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 the factors disclosed in PG&E Corporation's and the Utility's Annual Report on Form 10-K for the year ended December 31, 2018, their joint Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019 and June 30, 2019, and their subsequent reports filed with the Securities and Exchange Commission. Additional factors include, but are not limited to, those associated with PG&E Corporation's and the Utility's chapter 11 cases. PG&E Corporation and the Utility 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.