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Enron Mail |
----- Forwarded by Jeff Dasovich/NA/Enron on 04/06/2001 11:46 AM -----
Ken Gustafson@EES 04/06/2001 11:45 AM To: Jeff Dasovich/Na/Enron@ENRON cc: Subject: Re: fyi Reuters -& CNBC *PG&E <PCG.N< SAYS PACIFIC G&E FILED FOR CHAPTER 11 VOLUNTARY BANKRUPTCY RELIEF NEW YORK, April 6 (Reuters) - Pacific Gas & Electric Co., which is California's largest investor-owned utility and has been struggling with that state's power crisis, said on Friday it filed a voluntary petition for bankruptcy protection with the U.S. Bankruptcy Court for the Northern District of California. Trading was halted in PG&E shares on the New York Stock Exchange before the filing. They last traded at $11.36, down 2 cents. The Chapter 11 filing was disclosed in mirror filings by the utility and its parent, San Francisco-based PG&E Corp. <PCG.N<, with the Securities and Exchange Commission. The utility said in the filing that it "retains control of its assets and is authorized to operate its business as a debtor in possession while being subject to the jurisdiction of the Bankruptcy Court." A 1996 state utility law deregulated wholesale prices but capped retail prices. Pacific G&E has said it accumulated more than $8.9 billion of back debts because a rate freeze prevents it from passing on its soaring wholesale power costs to consumers. ADVISORY/Pacific Gas and Electric Company to Hold Media Teleco OTC HALT <PCG.N< NEWS PENDING LAST $11.36 From: Jeff Dasovich@ENRON on 04/06/2001 11:43 AM Sent by: Jeff Dasovich@ENRON To: Ken Gustafson/HOU/EES@EES cc: Subject: Re: fyi Thanks. Where'd you hear and do you have any more info? Best, Jeff Ken Gustafson@EES 04/06/2001 11:34 AM To: Jeff Dasovich/Na/Enron@ENRON cc: Subject: fyi PG&E just declared chapter 11- keg
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