Business Services Industry
California's Pacific Gas and Electric Co. Emerging from Bankruptcy.
Knight Ridder/Tribune Business News, March, 2004
By Dale Kasler, The Sacramento Bee, Calif. Knight Ridder/Tribune Business News
Mar. 27--Pacific Gas and Electric Co. said Friday it's wrapped up its bankruptcy reorganization case, ending a financial nightmare caused by soaring power costs during the California energy crisis.
PG&E said its emergence from bankruptcy reorganization will take effect officially April 12.
The end of the case is not a surprise. The utility has long since regained profitability and has been pointing to a spring 2004 finale for several months. The conclusion was all but assured last December, when U.S. Bankruptcy Judge Dennis Montali approved a $12 billion debt repayment plan negotiated by PG&E and the California Public Utilities Commission.
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