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California Utility Regulators Approves PG&E's Chapter 11 Reorganization Plan

The California Public Utilities Commission approved the Chapter 11 Plan of Reorganization of PG&E Corp. and Pacific Gas and Electric Company, PG&E said in a statement.

The company said the approval in its Plan of Reorganization Order Instituting Investigation proceeding completes another major milestone needed for the company to be eligible to participate in the State's Wildfire Fund, and keeps the company on track for Bankruptcy Court confirmation of the Plan prior to June 30, 2020.

The Bankruptcy Court confirmation hearing began on May 27, 2020.

The California approved a number of measures to improve PG&E's governance process, operational structure, and safety performance. It also approves PG&E's request to issue new debt and securities to finance its exit from Chapter 11.

On May 12, 2020, the Federal Energy Regulatory Commission approved the Plan, including authorizing the creation and funding of PG&E's proposed Fire Victim Trust.
Under PG&E's Plan, the Fire Victim Trust will be established to administer and pay wildfire victim claims as provided in the Plan.

As part of the Chapter 11 process, PG&E has previously reached settlements with all wildfire claimants' groups to be implemented pursuant to PG&E's Plan, valued at about $25.5 billion.

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