Opinion
Case No. 01-30923 DM
June 20, 2003
FOURTH ORDER STAYING FURTHER PROCEEDINGS IN CONFIRMATION TRIAL
1. On March 11, 2003, this Court entered an order (the "March 11 Order") staying, for sixty (60) days, all proceedings in the trial on confirmation (the "Confirmation Trial") of the plans of reorganization filed herein by (i) Pacific Gas and Electric Company ("Debtor") and PGE Corporation (the "PGE Plan") and (ii) the California Public Utilities Commission and the Official Committee of Unsecured Creditors (the "Commission Plan"). On April 23, 2003, this Court entered a "Second Order Staying Further Proceedings in Confirmation Trial," extending the stay of such proceedings for an additional thirty (30) days (the "April 23 Order"). On June 5, 2003, this Court entered a "Third Order Staying Further Proceedings in Confirmation Trial," extending the stay of such proceedings for an additional four (4) days (the "June 5 Order," and together with the March 11 Order and April 23 Order, the "Stay Orders").
2. The proponents of the PGE Plan and the proponents of the Commission Flan. (collectively, the "Plan Proponents") have informed the Court that they have reached an agreement in principle concerning the terms of a settlement among the parties, to be implemented pursuant to a Plan of Reorganization Under Chapter 11 of the Bankruptcy Code For Pacific Gas and Electric Company to be proposed by Pacific Gas and Electric Company, PGE Corporation and the Official Committee of Unsecured Creditors (the "Joint Plan").
Such agreement is subject to, among other things, review and a public hearing process by the California Public Utilities Commission.
3. The Plan Proponents have requested that the Court extend the stay of all proceedings in the Confirmation Trial until further order of this Court, to allow proceedings on the Joint Plan to go forward.
Based on the foregoing, and good cause having been shown,
IT IS HEREBY ORDERED that the Stay Orders shall remain in full force and effect, and all proceedings related to the Confirmation Trial shall be stayed, unless and until this Court orders otherwise.
No later than June 23, 2003, counsel for Debtor shall serve a copy of this order on all parties who were served with the March 11 Order.