PCG PG&E Corporation

As previously disclosed, the Debtors entered into a Restructuring Support Agreement dated as of September 22, 2019 between the Debtors and holders of insurance subrogation claims identified in the Debtors’ Form 8-K filed September 26, 2019 as “Consenting Creditors”, which was subsequently amended and restated on November 1, 2019 (as amended, the “RSA”).

On November 13, 2019, the Debtors entered into an amendment to the RSA with the Consenting Creditors.  The amendment extended the deadline for obtaining Bankruptcy Court approval of the RSA from November 14, 2019 to November 24, 2019.  On November 18, 2019, the Debtors entered into a second amendment to the RSA with the Consenting Creditors.  The second amendment extended the deadline for obtaining Bankruptcy Court approval of the RSA from November 24, 2019 to December 6, 2019. 

Debt Commitment Letter Amendment

As previously disclosed, the Debtors entered into debt commitment letters (the “Debt Commitment Letters”) with each of the entities set forth in Schedule I to Exhibit 10.1 of the Debtors’ Form 8-K dated October 15, 2019 (the foregoing parties, collectively, the “Commitment Parties”), pursuant to which the Commitment Parties committed to provide $34.35 billion in bridge financing for the Debtors’ plan of reorganization.

On November 18, 2019 the Debt Commitment Letters were amended to extend the deadline for obtaining Bankruptcy Court approval of the Debt Commitment Letters from November 20, 2019 to December 20, 2019 (the “Amendment No. 1 to Debt Commitment Letters”).

Forward-Looking Statements

 

This Current Report on Form 8-K includes forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of the Corporation and the Utility, including but not limited to their bankruptcy emergence plan and related financings. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties, including the possibility that the conditions to emergence in the plan, to the settlement contemplated by the RSA, or to funding under the debt or equity financing commitments will not be satisfied. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in the Corporation and the Utility’s Annual Report on Form 10-K for the year ended December 31, 2018, their Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019, June 30, 2019 and September 30, 2019, and their subsequent reports filed with the Securities and Exchange Commission. Additional factors include, but are not limited to, those associated with the Corporation’s and the Utility’s Chapter 11 cases. The Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.