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PCG PR H - Pacific Gas And Electric Co News Story

$22.31 0.0  0.0%

Sector
Utilities
Size
Large Cap
Market Cap £4.22bn
Enterprise Value £30.19bn
Revenue £13.51bn
Position in Universe th / 6855

BRIEF-PG&E To Commence Reorganization Cases Under Chapter 11 Of U.S. Bankruptcy Code

Mon 14th January, 2019 11:57am
Jan 14 (Reuters) - Pacific Gas and Electric Co :
    * BOARDS OF CO, UTILITY DETERMINED COMMENCING REORGANIZATION
CASES
UNDER CHAPTER 11 OF U.S. BANKRUPTCY CODE IS APPROPRIATE
    * CORP & UTILITY EXPECT THEY WILL FILE FOR REORGANIZATION
UNDER
CHAPTER 11 ON OR ABOUT JAN 29, 2019
    * CAUSE OF WILDFIRE THAT BEGAN NEAR CITY OF PARADISE REMAINS
UNDER
INVESTIGATION
    * IF PG&E WERE TO BE FOUND LIABLE FOR CERTAIN/ALL OF COSTS
WITH
RESPECT TO 2017 & 2018 N. CALIFORNIA WILDFIRES, AMOUNT LIABILITY
COULD EXCEED $30 BILLION
    * UTILITY SUBMITTED TWO ELECTRIC INCIDENT REPORTS ON CAMP
FIRE TO
THE CPUC
    * PG&E EXPECTS ADDITIONAL CLAIMS HAVE BEEN SUBMITTED, WILL
CONTINUE TO BE SUBMITTED TO INSURERS,PARTICULARLY WITH RESPECT
TO CAMP FIRE
    * PG&E HAS ABOUT $840 MILLION OF INSURANCE COVERAGE FOR
LIABILITIES FOR PERIOD FROM AUG 1, 2017 THROUGH JULY 31, 2018
    * PG&E EXPECTS LOSSES IN CONNECTION WITH 2017 & 2018
NORTHERN
CALIFORNIA WILDFIRES WILL GREATLY EXCEED AVAILABLE INSURANCE
    * PG&E DOES NOT INTEND TO MAKE INTEREST PAYMENT OF ABOUT
$21.6
MILLION, ON OUTSTANDING 5.40% SENIOR NOTES DUE JAN 15, 2040
    * PG&E BELIEVES IT COULD ACCESS SIGNIFICANT AMOUNT OF
CAPITAL, BUT
ONLY IN FORM OF SECURED INDEBTEDNESS
    * PG&E COULD EXTEND LIQUIDITY FOR EXTENDED PERIOD OF TIME BY
USING
ASSETS TO SECURE ISSUANCE OF ADDITIONAL CAPITAL/BY ACCESSING
FORMS OF ALTERNATIVE CAPITAL
    * CPUC CAN IMPOSE FINES OF UP TO $50,000 FOR EACH APPLICABLE
VIOLATION, PER DAY, FOR VIOLATIONS PRIOR TO JAN. 1, 2019
    * PG&E COULD EXTEND LIQUIDITY FOR EXTENDED PERIOD OF TIME BY
USING
ASSETS TO SECURE ISSUANCE OF ADDITIONAL CAPITAL
    * CPUC CAN IMPOSE FINES OF UP TO $100,000 FOR EACH
APPLICABLE
VIOLATION, PER DAY, FOR VIOLATIONS ON OR AFTER JAN 1, 2019
    * PG&E’S BOARDS HAVE CONCLUDED, ISSUING AMOUNTS OF SECURED
INDEBTEDNESS TO EXTEND LIQUIDITY IS NOT IN BEST INTERESTS OF
PG&E
    * PG&E EXPECTS TO FACE DIFFICULTY SECURING LIABILITY
INSURANCE IN
FUTURE YRS

Source text: (https://bit.ly/2Hc8xi7)
Further company coverage:  PCG_pa.A 

 ((Reuters.Briefs@thomsonreuters.com;))
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