PRESS RELEASES 2002 RELEASE
FOR IMMEDIATE RELEASE
February 01, 2002
Contact: News Department (415) 973-5930
EDITORS: Please do not use "Pacific Gas and Electric" or "PG&E" when referring to PG&E Corporation or its National Energy Group. The PG&E National Energy Group is not the same company as Pacific Gas and Electric Company, the utility, and is not regulated by the California Public Utilities Commission. Customers of Pacific Gas and Electric Company do not have to buy products or services from the National Energy Group in order to continue to receive quality regulated services from Pacific Gas and Electric Company.

CHAPTER 11 UPDATE: PG&E FILES PLAN SUPPLEMENT WITH U.S. BANKRUPTCY COURT

SAN FRANCISCO - As requested by the U.S. Bankruptcy Court, PG&E Corporation (NYSE: PCG) and Pacific Gas and Electric Company today jointly filed the plan supplement documents for the plan of reorganization.

The approximately 900-page filing shows the progress PG&E has made in its Chapter 11 case and provides additional information on several issues previously addressed in the plan and discussed in Court, including:

  • Master Separation and Distribution Agreement - Provides additional detail on the separation of the companies and the spin-off of the utility from the holding company and establishes the framework for the future, arms length relationships between the new entities.

  • Pre-petition Contracts and Leases - The plan supplement lists the ongoing contracts and unexpired leases that are being assumed and assigned to one of the new companies or rejected. Over 7,000 contracts and leases will be assumed and assigned to one of the new entities. 10 contracts will be rejected. One rejected contract relates to fiber optic cable installation and the remainder relate to the California Power Exchange.

  • Tax Agreement - The tax sharing agreement defines how the utility's taxes will be allocated between the new entities and the reorganized utility.

  • Transfer of assets to PG&E Corporation - A list of assets that the utility will transfer to the PG&E Corporation or its subsidiaries under the plan of reorganization. Examples include: administrative and technical services facilities and equipment and property on or near generating facilities.

In the plan of reorganization, assets not identified to be sold or transferred will remain with the reorganized utility.


 

Copyright © 2004 - PG&E Corporation. All Rights Reserved . feedback . privacy policy