PG&E asks for more time to file reorganization plan |

PG&E asks for more time to file reorganization plan

SAN FRANCISCO (AP) – Officials with Pacific Gas and Electric Co. asked a U.S. Bankruptcy Court judge Tuesday to give them four more months to file a plan of reorganization.

Under the current timeline, the San Francisco-based utility has until Aug. 6 to file a plan. Utility executives asked Judge Dennis Montali to extend the deadline until Dec. 6.

PG&E officials said the company is making good progress on the plan and there is ”nothing to suggest that PG&E seeks the requested extensions in order to pressure its creditors to accede to its reorganization demands.”

The plan will outline how the utility proposes to repay its debts and regain its creditworthiness.

The Chapter 11 filing is one of the largest and most complex bankruptcy cases ever filed, but the utility said it is ”already well into the process of plan formulation.”

”PG&E has no intent to delay the case, which costs the estate literally millions of dollars per week in fees, costs and interest accruals with respect to creditor claims,” the company said.

The utility filed for protection from its creditors in April, after amassing billions of dollars in debts due to high wholesale energy costs it could not pass on to customers.

PG&E, California’s largest utility company, serves 4.5 million customers in northern and central California.

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