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California | IN BRIEF / Southland

Pacific Gas Gets 4-Month Extension on Filing Plan

July 24, 2001|Bloomberg News

PG&E Corp.'s Pacific Gas & Electric, California's largest utility, won a four-month extension to file a Chapter 11 recovery plan free from interference from creditors and other groups.

The utility's sole right to file a plan was extended from Aug. 6 to Dec. 6. Creditors, shareholders and others with a stake in the case could have presented their own plans had the extension not been granted.

Companies reorganizing under Chapter 11 have the sole right to advance a recovery plan in the first 120 days after filing for bankruptcy. Courts routinely extend this period in large and complex cases.

A committee representing unsecured creditors in court papers said it "firmly believes that all parties in interest should move quickly and provide assurance that any filed plan will pay creditors in full and remedy PG&E's various issues and problems."

PG&E Corp. shares fell 75 cents to close at to $14.25 on the New York Stock Exchange.

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