“PG&E Corporation Announces Preliminary Voting Results on Plan of Reorganization”
“PG&E Corporation announced today the preliminary voting results on PG&E Corporation and Pacific Gas and Electric Company’s joint Plan of Reorganization (the “Plan”), which indicate overwhelming acceptance of the Plan by the wildfire victims entitled to vote on the Plan. Based on the preliminary voting results, PG&E believes that it remains on track for Plan confirmation by June 30, 2020, the deadline under AB 1054.
The preliminary results also indicate that all but one of the impaired classes have voted to accept the Plan. The sole dissenting class consists of holders of prepetition securities law claims related to PG&E Corporation common stock; these claims are subordinated pursuant to the provisions of the Bankruptcy Code.”
