Item 8.01 Other Events.
As previously disclosed, on January 29, 2019, PG&E Corporation and its
subsidiary, Pacific Gas and Electric Company (the "Utility" and, together with
PG&E Corporation, the "Debtors"), filed voluntary petitions for relief under
chapter 11 of title 11 ("Chapter 11") of the United States Code in the U.S.
Bankruptcy Court for the Northern District of California (the "Bankruptcy
Court"). The Debtors' Chapter 11 cases are being jointly administered under the
caption In re: PG&E Corporation and Pacific Gas and Electric Company, Case No.
19-30088 (DM). On March 16, 2020, the Debtors, certain funds and accounts
managed or advised by Abrams Capital Management, L.P. ("Abrams"), and certain
funds and accounts managed or advised by Knighthead Capital Management, LLC
(together with Abrams, the "Shareholder Proponents") filed the Debtors' and
Shareholder Proponents' Joint Chapter 11 Plan of Reorganization dated March 16,
2020 with the Bankruptcy Court (as may be amended, modified or supplemented from
time to time, the "Plan").
On May 22, 2020, PrimeClerk LLC ("PrimeClerk"), the claims and noticing agent of
the Debtors, authorized to assist the Debtors with, among other things, the
service and distribution of solicitation materials and tabulation of votes cast
to accept or reject the Plan, certified the final voting results for the Plan,
as follows:
Plan Class Plan Class Name Number Accepting Amount Accepting Accept / Reject
(Percentage) (Percentage)
3B-I Utility Impaired Senior 99.30% 99.99% Accept
Note Claims
3B-III Utility Short-Term Senior 96.90% 99.98% Accept
Note Claims
3B-IV Utility Funded Debt Claims 100% 100% Accept
5A-I HoldCo Public Entities 100% 100% Accept
Wildfire Claims
5B-I Utility Public Entities 100% 100% Accept
Wildfire Claims
5A-II HoldCo Subrogation Wildfire 100% 100% Accept
Claims
5B-II Utility Subrogation 100% 100% Accept
Wildfire Claims
5A-III HoldCo Fire Victim Claims 88.03% 85.11% Accept
5B-III Utility Fire Victim Claims 88.03% 85.11% Accept
10A-I HoldCo Common Interests N/A 99.79% Accept
10A-II HoldCo Rescission or Damage 67.89% 42.29% Reject
Claims
Also on May 22, 2020, these final results were filed with the Bankruptcy Court.
The confirmation hearing on the Plan is scheduled for May 27, 2020.
Public Dissemination of Certain Information
PG&E Corporation and the Utility routinely provide links to the Utility's
principal regulatory proceedings before the CPUC and the Federal Energy
Regulatory Commission (FERC) at http://investor.pgecorp.com, under the
"Regulatory Filings" tab, so that such filings are available to investors upon
filing with the relevant agency. PG&E Corporation and the Utility also routinely
post or provide direct links to presentations, documents, and other information
that may be of interest to investors at http://investor.pgecorp.com, under the
"PG&E Progress," "Chapter 11," "Wildfire Updates" and "News & Events: Events &
Presentations" tabs, respectively, in order to publicly disseminate such
information. It is possible that any of these filings or information included
therein could be deemed to be material information. The information contained on
such website is not part of this or any other report that PG&E Corporation or
the Utility files with, or furnishes to, the Securities and Exchange Commission.
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