PG&E Corporation and its primary operating subsidiary, Pacific Gas and Electric Company (the “Utility”), announced that they have received interim approvals from the U.S. Bankruptcy Court for the Northern District of California for the “First Day” motions related to the voluntary Chapter 11 reorganization cases they initiated on January 29, 2019.

Among other things, the approved motions provide PG&E with:

• Access to financing to support its operations and ongoing safety initiatives, as well as its critical investments in system safety and maintenance;

• The authority to continue existing customer programs, including low income support, energy efficiency and other programs supporting customer adoption of clean energy, and;

• The ability to continue paying employee wages and providing healthcare and other benefits.

At the hearing, the Court granted PG&E interim approval to access up to $1.5 billion of its $5.5 billion in debtor-in-possession financing, which will be available to ensure essential maintenance and continued investments in safety and reliability.

PG&E will pay suppliers in full under normal terms for goods and services provided after the filing date of January 29, 2019, PG&E said

Tags:
PG&E   Pacific Gas & Electric  

Comment on this story


ADVERTISEMENT
NEW Jobs on RetailEnergyJobs.com
Energy-Regulatory-Specialist -- Other -- Other
More Stories on RetailEnergyX.com:
Updated PG&E Bankruptcy Commitments Provide For Sale Process, If Chapter 11 Plan Not Confirmed
Calif. Gov. Says State "Will Not Hesitate" To Restructure PG&E
Calif. Gov. Wants Warren Buffett To Buy PG&E
San Jose Seeking To Turn All Of PG&E Into Consumer-Owned Utility
California PUC Opens Formal Proceeding To Consider PG&E Bankruptcy Plan