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PG&E Corporation Message Board

  • vickersviscount vickersviscount Aug 22, 2002 6:15 PM Flag

    Creditor committee back modified PUC

    plan. Whatever . . .the sooner we get out of BK, the better. What's the old saying, "if nobody is happy, it is probably the best settlement." PGE will bitch and moan, but go along. Let's just go back to a nice regulated utility where no one is happy, but we get a nice 6% dividend.

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    • There are some reality problems with this development and I won't be surprised if it unravels: the votes of creditors are already in hand and now the CPUC is changing everything? Obviously they don't care about the cost of resolicitation.

      Also, the issue of stock to pay for the plan changes from common to preferred. Hmmm...is that gonna happen given the capital structure the CPUC requires of the utility?

      I know the creditors are running scared, and a compromise is in everyone's best interest, but this seems to make things more complicated than ever.

      I wonder what PG&E did to piss off the creditors committee.

      • 1 Reply to ceminsf
      • "There are some reality problems with this development and I won't be surprised if it unravels..."

        Yes, and my expectation is it may. I really wonder if all the different classes of creditors would even support the recommendations of the creditors committee if they revote.

        This is truly a mess. Hopefully Montali can understand the need to end the litigation such that there is some light at the end of the tunnel and the state can sucessfully complete their bond sale. Right now I am unsure the CPUC even gives a damn about that.

        Jim

 
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