PG&E Emerges From Bankruptcy
7/1/2020

Davis Polk is advising the administrative agent under Pacific Gas and Electric Company’s (the “Utility’s”) $3.0 billion prepetition revolving credit facility in connection with its historic bankruptcy proceeding. On January 29, 2019, the Utility and its parent, PG&E Corp., filed chapter 11 cases before the United States Bankruptcy Court for the Northern District of California. On July 1, 2020, the debtors successfully consummated their plan of reorganization. Holders of claims under the Utility’s revolving credit facility voted unanimously in favor of the plan and are receiving consideration consisting of cash and new replacement notes.

Pacific Gas and Electric Company is California’s largest investor-owned utility, providing natural gas and electric service to approximately 16 million people throughout a 70,000-square-mile service area in Northern and Central California.

Davis Polk’s restructuring team includes partner Timothy Graulich and associates David Schiff, Omer Netzer and Sharanjit Kaur Sandhu. Partner Joseph P. Hadley is providing finance advice.  All members of the Davis Polk team are based in the New York office.