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News & Insights

PG&E Emerges from Chapter 11

September 25, 2020

On July 1, 2020, PG&E Corporation and Pacific Gas & Electric Company (together, “PG&E”) announced that PG&E has emerged from Chapter 11, successfully completing its restructuring process and implementing PG&E’s Plan of Reorganization that was confirmed by the United States Bankruptcy Court on June 20, 2020. Cravath has represented PG&E as corporate, financing and litigation counsel in its Chapter 11 bankruptcy proceedings, as counsel in the arrangement of its Debtor‑in‑Possession financing, committed debt bridge financing, committed backstop equity financing and marketed equity exit financing, and in litigation related to the 2017 and 2018 Northern California Wildfires.

As lead counsel for various related financing matters, Cravath arranged $5.5 billion of Debtor‑in‑Possession (“DIP”) financing in February 2019, one of the largest DIP facilities in history; negotiated a January 2020 settlement with the ad hoc group of senior unsecured noteholders related to over $22 billion in pre‑petition funded debt; and arranged and secured court approval in March 2020 of $12 billion of equity commitments, which underpinned the largest utility public equity offering in history, and $10.825 billion of debt commitments. In addition, Cravath represented PG&E Corporation in connection with its aggregate $9.24 billion equity raise in July 2020, comprised of a $4.02 billion registered primary offering of common stock, a $3.25 billion private placement of common stock, a $1.45 billion registered equity units offering and $522 million of prepaid forward stock purchase contracts.

Cravath also served as counsel for PG&E in various litigation and bankruptcy matters related to over two dozen wildfires that occurred in 2017 and 2018 in PG&E’s service territory in Northern California. In October of 2017 and November of 2018, Northern California experienced two of the most devastating wildfire seasons in history. Prior to PG&E filing a petition for Chapter 11 relief, individuals and entities collectively filed over 2,500 lawsuits against PG&E related to the 2017 and 2018 wildfires. Cravath served as lead counsel in these litigations, which involved extensive fact investigation, discovery, motion practice and briefing in numerous state courts. After the Chapter 11 filing, approximately 80,000 individuals and entities were identified as victims of the wildfires and potential bankruptcy creditors. Cravath represented the company in reaching a $13.5 billion settlement to resolve the approximately 80,000 wildfire claims asserted by the wildfire victims. In addition, Cravath represented PG&E in reaching an $11 billion settlement with numerous insurance companies resolving subrogation claims arising from the wildfires, a $1 billion settlement with certain public entities affected by the wildfires, and a settlement of $4 billion in disaster relief claims asserted by FEMA and California’s Office of Emergency Services. During the bankruptcy proceedings, Cravath was also successful in arguing for dismissal of a $2.5 billion putative class action against PG&E brought in connection with PG&E’s 2019 Public Safety Power Shutoff events, which PG&E implemented to reduce the risk of wildfires. At the same time as its representation of PG&E during its bankruptcy proceedings, Cravath represented PG&E in connection with regulatory investigations by the California Public Utilities Commission (“CPUC”) into the 2017 and 2018 wildfires and wildfire-related proceedings before District Judge William Alsup, the federal judge appointed to oversee PG&E’s criminal probation resulting from the 2010 San Bruno incident.

Cravath’s corporate team included partners Richard Hall, George E. Zobitz, Paul H. Zumbro, Nicholas A. Dorsey and C. Daniel Haaren.

Cravath’s litigation team included partners Evan R. Chesler, Peter T. Barbur, Julie A. North, Darin P. McAtee, Timothy G. Cameron, Kevin J. Orsini, Omid H. Nasab, Damaris Hernández and Evan Norris.

Related Practices & Industries

  • Corporate
  • Financial Restructuring and Reorganization
  • Capital Markets
  • Derivatives
  • Banking and Credit
  • Corporate Governance and Board Advisory
  • Bankruptcy Litigation
  • Class Action Defense
  • General Commercial Disputes
  • Investigations and Regulatory Enforcement
  • Mass Torts and Product Liability

People

Photo
Name
Richard Hall
Title
Corporate
Title
Partner
Email
rhall@cravath.com
Phone
+1-212-474-1293
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    Education

    • LL.M., 1988, Harvard Law School
    • LL.B., 1986, University of Melbourne
      with Honors
    • B.Com., 1984, University of Melbourne
      with Honors

    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
      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
        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
          Photo
          Name
          C. Daniel Haaren
          Title
          Corporate
          Title
          Partner
          Email
          dhaaren@cravath.com
          Phone
          +1-212-474-1322
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            Education

            • J.D., 2012, New York University School of Law
              Order of the Coif, Pomeroy Scholar, magna cum laude
            • B.A., 2009, Duke University

            Admitted In

            • New York
            Photo
            Name
            Peter T. Barbur
            Title
            Litigation
            Title
            Partner
            Email
            pbarbur@cravath.com
            Phone
            +1-212-474-1058
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              Education

              • J.D., 1987, New York University School of Law
                Order of the Coif, Root-Tilden Scholar, cum laude
              • B.A., 1983, Dartmouth College
                Phi Beta Kappa, magna cum laude

              Admitted In

              • New York
              Photo
              Name
              Timothy G. Cameron
              Title
              Litigation
              Title
              Partner
              Email
              tcameron@cravath.com
              Phone
              +1-212-474-1120
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                Education

                • LL.M., 1998, University of Chicago Law School
                • M.ComLaw, 1997, Auckland University - Faculty of Law
                  First Class Honors
                • LL.B., 1994, Auckland University - Faculty of Law
                • B.Com., 1994, Auckland University - Faculty of Law

                Admitted In

                • New York
                Photo
                Name
                Kevin J. Orsini
                Title
                Litigation
                Title
                Partner
                Email
                korsini@cravath.com
                Phone
                +1-212-474-1596
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                  Education

                  • J.D., 2003, New York University School of Law
                    cum laude
                  • B.A., 2000, The George Washington University
                    Phi Beta Kappa, summa cum laude

                  Admitted In

                  • New York
                  Photo
                  Name
                  Omid H. Nasab
                  Title
                  Litigation
                  Title
                  Partner
                  Email
                  onasab@cravath.com
                  Phone
                  +1-212-474-1972
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                    Education

                    • J.D., 2006, Columbia Law School
                      Harlan Fiske Stone Scholar
                    • A.B., 2002, Duke University

                    Admitted In

                    • New York
                    Photo
                    Name
                    Damaris Hernández
                    Title
                    Litigation
                    Title
                    Partner
                    Email
                    dhernandez@cravath.com
                    Phone
                    +1-212-474-1486
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                      Education

                      • J.D., 2007, New York University School of Law
                        AnBryce Scholar
                      • A.B., 2003, Harvard College
                        magna cum laude

                      Admitted In

                      • New York
                      Photo
                      Name
                      Evan Norris
                      Title
                      Litigation
                      Title
                      Partner
                      Email
                      enorris@cravath.com
                      Phone
                      +1-212-474-1524
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                        Education

                        • J.D., 2002, Harvard Law School
                        • B.A., 1999, Columbia College
                          magna cum laude

                        Admitted In

                        • New York
                        Photo
                        Name
                        Evan R. Chesler
                        Title
                        Litigation
                        Title
                        Retired Partner
                        Email
                        echesler@cravath.com
                        Phone
                        +1-212-474-1243
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                          Education

                          • J.D., 1975, New York University School of Law
                            Order of the Coif, John Norton Pomeroy Scholar, cum laude
                          • M.A., 1973, Hunter College
                            summa cum laude
                          • A.B., 1970, New York University
                          Photo
                          Name
                          Julie A. North
                          Title
                          Litigation
                          Title
                          Retired Partner
                          Email
                          jnorth@cravath.com
                          Phone
                          +1-212-474-9999
                          vCard
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                            Education

                            • J.D., 1989, Syracuse University College of Law
                              magna cum laude
                            • B.A., 1984, Hamilton College
                              cum laude

                            Related News & Insights

                            Deals & Cases

                            November 27, 2023

                            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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