2. Procedural Background
On April 6, 2001, PG&E filed for protection under Chapter 11 of the U.S. Bankruptcy Code. PG&E's Plan of Reorganization (POR) under Chapter 11 became effective on April 12, 2004 (Effective Date). The POR incorporates the Settlement Agreement approved by the Commission in Decision (D.) 03-12-035 to resolve PG&E's Chapter 11 proceeding.
PG&E filed A.04-05-041 on May 27, 2004. Notice of A.04-05-041 appeared in the Commission's Daily Calendar on June 2, 2004. There were no protests or other responses to A.04-05-041. PG&E filed supplements to A.04-05-041 on June 21, July 16, and August 19, 2004.
In A.04-05-041, PG&E requests authority to issue $2.7 billion of short-term debt, long-term debt, and preferred stock. PG&E represents that the requested debt and preferred stock are not subject to PG&E's POR or the Settlement Agreement. PG&E also represents that it does not need to provide notice to, or obtain permission from, the Commission's bankruptcy Financing Team3 before PG&E issues any of the debt and preferred stock requested in A.04-05-041.4
3 The Commission's bankruptcy Financing Team was authorized by D.02-11-030, Ordering Paragraphs (OPs) 1 and 4. The membership of the Financing Team was established by D.02-11-030 and D.03-09-020. 4 PG&E Supplement filed on July 16, 2004, response to Question 25.
