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News & Insights

Court Approves PG&E’s $5.5 Billion in DIP Financing for Chapter 11 Reorganization

March 28, 2019

On March 27, 2019, PG&E Corporation (“PG&E” or “the Company”) received final approval from the United States Bankruptcy Court for the Northern District of California for its $5.5 billion in debtor‑in‑possession (“DIP”) financing, with J.P. Morgan as agent. The DIP financing will provide PG&E with necessary capital to ensure essential maintenance and continued investments in safety and reliability for the expected duration of the chapter 11 cases. PG&E and its primary operating subsidiary, Pacific Gas and Electric Company, filed their voluntary petitions under chapter 11 of the U.S. Bankruptcy Code on January 29, 2019. Cravath is representing PG&E in connection with the DIP financing and related chapter 11 case.

The Cravath team includes partners Paul H. Zumbro and George E. Zobitz and associates Paul L. Sandler, Catriela Cohen and Michael B. Kahn on restructuring matters; partner Stephen M. Kessing and associate Melanie R. Cook on financing matters; and partner Nicholas A. Dorsey and associate Caleb B. Rosser on securities matters. Emily S. Tomlinson also worked on restructuring matters and Seann E. Archibald worked on securities matters.

Related Practices & Industries

  • Corporate
  • Financial Restructuring and Reorganization
  • Banking and Credit
  • Capital Markets

People

Photo
Name
Paul H. Zumbro
Title
Corporate
Title
Partner
Email
pzumbro@cravath.com
Phone
+1-212-474-1036
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    Education

    • J.D., 1997, Columbia Law School
      Harlan Fiske Stone Scholar
    • B.A., 1992, Yale College
      Distinction in Major, cum laude

    Admitted In

    • New York
    Name
    George E. Zobitz
    Title
    Corporate
    Title
    Partner
    Email
    jzobitz@cravath.com
    Phone
    +1-212-474-1996
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      Education

      • J.D., 1995, New York University School of Law
        with Honors, cum laude
      • B.A., 1991, Franklin & Marshall College

      Admitted In

      • New York
      Photo
      Name
      Stephen M. Kessing
      Title
      Corporate
      Title
      Partner
      Email
      skessing@cravath.com
      Phone
      +1-212-474-1152
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        Education

        • J.D., 2005, Duke Law School
          Order of the Coif, magna cum laude
        • M.B.A., 2001, University of Southern California
        • B.S., 1995, Miami University of Ohio

        Admitted In

        • New York
        Photo
        Name
        Nicholas A. Dorsey
        Title
        Corporate
        Title
        Partner
        Email
        ndorsey@cravath.com
        Phone
        +1-212-474-1764
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          Education

          • J.D., 2009, Cornell Law School
            Order of the Coif, summa cum laude
          • M.Acc., 2006, Case Western Reserve University
            summa cum laude
          • B.S., 2006, Case Western Reserve University
            summa cum laude

          Admitted In

          • New York

          Related News & Insights

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          PG&E Secures California Supreme Court Victory Shielding Company from Liability for Public Safety Power Shutoffs

          On November 20, 2023, the California Supreme Court held that Cravath client PG&E, the country’s largest utility, cannot be sued for losses incurred by customers during public safety power shutoffs that complied with the guidelines set forth by its regulator, the California Public Utilities Commission (“PUC”). In a unanimous decision, the Court held that such claims are barred because their adjudication would interfere with the PUC’s comprehensive supervision and regulation of safety shutoffs.

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