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.
AND ELECTRIC COMPANY FILES FOR EXTENSION OF EXCLUSIVITY FOR PLAN
San Francisco — Pacific
Gas and Electric Company today filed a request with the U.S. Bankruptcy
Court to extend until December 6, 2001, the period during which
the Company has the exclusive right to file a plan of reorganization
in its Chapter 11 case. Under the current timeline, the exclusivity
period is set to end on August 6, 120 days after the Company's April
6 Chapter 11 filing.
The Company made the following
statement regarding its request: "Developing and filing a sound,
comprehensive and feasible plan of reorganization is the most important
step we can take toward completing the Chapter 11 process as expeditiously
as possible. Our request for an extension is intended to allow us
the time necessary to ensure that the plan we present is the appropriate
blueprint for meeting our obligations to creditors and emerging
from Chapter 11 with our financial strength reaffirmed. The development
of this plan is a top priority and our objective is to file it as
soon as practicable.
"We are well under way with
this effort and are engaged in productive discussions with creditors
that are helping to inform our development of the most feasible
plan of reorganization.
"In the event further analysis
is needed or additional meetings with our creditors are desired
in order to ensure that the plan we file has their support, this
extension provides extra time for these efforts.
"We look forward to continuing
our progress toward this goal and to working with the creditors
to reach resolution as soon as possible."