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.
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.
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.