Pacific Gas and Electric emerges from Chapter 11 bankruptcy

摘要

Following 18 months in Chapter 11 protection sparked by a series of catastrophic Northern California wildfires linked to the utility's electric infrastructure, Pacific Gas and Electric Co. and its parent company, PG&E Corp., have emerged from bankruptcy in one of the largest and most complicated restructuring cases in U.S. history. Pacific Gas and Electric, or PG&E, and its corporate parent raised sufficient debt and equity to fund their joint $58 billion plan of reorganization, recently approved by the U.S. Bankruptcy Court for the Northern District of California in San Francisco, the companies announced July 1. "Today's announcement is significant for PG&E and for the many wildfire victims who are now one step closer to getting paid," Bill Smith, interim CEO of PG&E Corp., said in a statement. "Compensating these victims fairly and quickly has been our primary goal throughout these proceedings, and I am glad to say that today we funded the fire victim trust for their benefit." The trust will oversee the distribution of a $13.5 billion settlement with more than 70,000 wildfire victims, consisting of $6.75 billion in cash and the same amount in equity in the reorganized PG&E Corp., to be paid out in phases in coming years. The victims' trust now owns 22.19% of the outstanding common stock in the company, making it the single largest shareholder.