Simpson Thacher advised the independent members of the Boards of Directors of PG&E Corporation and Pacific Gas and Electric Company (collectively, “PG&E”), throughout its 18 month chapter 11 bankruptcy process, including the settlement of a proxy contest for control of the board with Blue Mountain Capital, settlements of wildfire claims with various public entities, subrogation claim holders and tort claimants, governance and operational commitments in order to obtain regulatory support for PG&E’s emergence from chapter 11, a comprehensive Board refreshment process and various debt and equity financing commitments and transactions to recapitalize the company and fund settlements. PG&E emerged from chapter 11 on July 1, 2020.
PG&E is an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California.
The Simpson Thacher Team included Mario Ponce, Ravi Purushotham, Erica Egenes and Jeffrey Larocca (M&A); Sandy Qusba, Kathy McLendon and Jamie Fell (Bankruptcy); Greg Grogan and Jake Phillips (ECEB); Paul Curnin, Nick Goldin, Stephen Blake, Sara Ricciardi, Eamonn Campbell, Jennifer Isaacman, Kourtney Kinsel and Jacob Lundqvist (Litigation); and Bill Brentani (Capital Markets).