PG&E; Creditors to Vote on Reorganization
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Pacific Gas & Electric Co.’s creditors will be able to vote Aug. 15 to Sept. 29 on a new plan to pull the San Francisco utility out of Chapter 11 bankruptcy, the company said.
The plan, a compromise by the PG&E; Corp. subsidiary and the California Public Utilities Commission, would repay nearly $13 billion in debt amassed during the energy crisis of 2000-01.
The utility would emerge from its contentious bankruptcy proceedings, which began in April 2001, still regulated primarily by the PUC. PG&E; originally had proposed a reorganization plan that would have moved many utility assets outside of state regulation.
Nancy Rivera Brooks
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