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Official Creditors Committee of PG&E welcomes Gov. Newsom’s efforts to secure a rapid resolution of PG&E’s bankruptcy case, urges expediency

November 6, 2019

SACRAMENTO, Calif., Nov. 5, 2019 /PRNewswire/ -- Governor Gavin Newsom, together with California’s newly-appointed Energy ‘Czar’, Cabinet Secretary Ana Matosantos, today convened a roundtable meeting with key parties involved in the bankruptcy of Pacific Gas and Electric (PG&E) as part of a new state effort to accelerate the company’s reorganization process. The Official Creditors Committee of PG&E welcomed the Governor’s involvement in helping ensure PG&E resolves its bankruptcy case by June 30, 2020, the state-mandated deadline to access the state’s $21 billion wildfire fund under AB1054.

“We understand the challenge of balancing numerous competing interests in a case like this, and we welcome the Governor’s involvement in helping facilitate a swift and fair resolution that treats all parties fairly. With wildfire season upon us and the new year swiftly approaching, we understand the urgency to ensure PG&E emerges from bankruptcy expeditiously and we appreciate the Governor’s effort in bringing parties together to help resolve this matter.”

The Official Creditors Committee plays a vital role in supporting PG&E’s operations and underscored at the meeting the importance of reaching a swift and fair resolution for all stakeholders.

“We advocate for a pragmatic solution that fundamentally and responsibly revamps the way PG&E does business. A new, restructured PG&E must be operationally and financially stable, with sufficient access to capital, to preserve access to reliable and affordable energy, ensure safety and protect jobs. We seek a resolution that treats wildfire victims, ratepayers and creditors fairly and ensures future safe operations, and the delivery of reliable energy to Californians.”

The Official Creditors Committee also emphasized that they are committed partners in creating a new, restructured and financially-viable utility, one that meets all Californians’ need for safe, reliable and affordable energy.

“The Official Creditors Committee looks forward to working with Governor Newsom, Secretary Matasantos, the new court-appointed mediator, Judge Newsome, and all parties to reach a swift resolution, and identify solutions to ensure safe, reliable and affordable energy to Californians. We are all in this together.”

Today’s meeting at the State Capitol comes just four days after Governor Newsom announced that he would consider the extraordinarily step of a state takeover of the utility if PG&E is not prepared to reach a resolution by June 30, 2020.

About the Official Creditors Committee
Appointed by the U.S. Government, the Official Creditors Committee represents a broad constituency of individuals and businesses seeking a fair and successful resolution to the PG&E bankruptcy case. The Official Creditors Committee represents tens of thousands of California union members and retirees, the nation’s largest producer of solar and wind energy, vital lenders and financial institutions, and innumerable small and medium sized businesses that supply critical services and materials to PG&E. The Official Creditors Committee serves as a fiduciary, working to ensure that the interests of PG&E’s creditors are heard. No one creditor, special interest or group takes priority. We represent a critical constituency to both PG&E and the State of California, and are committed partners in the restructuring of PG&E.

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SOURCE Official Creditors Committee of PG&E