2. Procedural Background
On April 6, 2001, PG&E filed for protection under Chapter 11 of the United States Bankruptcy Code. PG&E's Plan of Reorganization (POR) under Chapter 11 became effective on April 12, 2004 (Effective Date). The POR incorporates the Modified Settlement Agreement (MSA) 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, August 19, and September 28, 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 MSA. 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.
