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DIEMER & WEI, LLP

Kathryn S. Diemer (#133977)

100 West San Fernando Street, Suite 555

San Jose, CA 95113

Telephone: 408-971-6270 

Facsimile: 408-971-6271

Email: kdiemer@diemerwei.com 

WILLKIE FARR & GALLAGHER LLP

Matthew A. Feldman (pro hac vice)

Joseph G. Minias (pro hac vice)

Benjamin P. McCallen (pro hac vice)

Daniel I. Forman (pro hac vice)

787 Seventh Avenue

New York, NY 10019-6099

Telephone: (212) 728-8000

Facsimile: (212) 728-8111

Email: mfeldman@willkie.com

jminias@willkie.com

bmccallen@willkie.com

dforman@willkie.com

Counsel for Ad Hoc Group of Subrogation Claim Holders

UNITED STATES BANKRUPTCY COURT

NORTHERN DISTRICT OF CALIFORNIA

SAN FRANCISCO DIVISION

In re:

PG&E CORPORATION,

-andPACIFIC GAS AND ELECTRIC 

COMPANY, 

Debtors.

☐ Affects PG&E Corporation

☐ Affects Pacific Gas and Electric 

Company

 Affects both Debtors

* All papers shall be filed in the lead case,

No. 19-30088 (DM)

Chapter 11 

Bankr. Case No. 19-30088 (DM)

(Jointly Administered)

RESERVATION OF RIGHTS OF THE AD 

HOC GROUP OF SUBROGATION CLAIM 

HOLDERS REGARDING THE 

APPROPRIATE POSTPETITION INTEREST 

RATE PAYABLE ON UNSECURED CLAIMS 

IN A SOLVENT DEBTOR CASE

Date: December 11, 2019 

Time: 10:00 a.m. (Pacific Time)

Place: United States Bankruptcy Court

 Courtroom 17, 16th Floor

 San Francisco, CA 94102

Case: 19-30088 Doc# 4840 Filed: 11/22/19 Entered: 11/22/19 12:17:54 Page 1 of

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The Ad Hoc Group of Subrogation Claim Holders (the “Ad Hoc Subrogation Group”) in the 

above-captioned chapter 11 cases of PG&E Corporation and Pacific Gas and Electric Company

(collectively, “Debtors”), by its attorneys Willkie Farr & Gallagher LLP and Diemer & Wei, LLP, 

hereby submits this reservation of rights with regard to the Debtors’ Brief Regarding Applicable Rate 

of Postpetition Interest on Allowed Unsecured Claims and Joinder of PG&E Shareholders [Dkt. No. 

4624] and the Consolidated Opening Brief of the Official Committee of Unsecured Creditors and 

Other Creditor Groups and Representatives Regarding the Appropriate Postpetition Interest Rate 

Payable on Unsecured Claims in a Solvent Debtor Case [Dkt. No. 4634]. 

The Ad Hoc Subrogation Group remains hopeful that the Amended and Restated Restructuring 

Support Agreement (the “RSA”) will be approved at an upcoming hearing, currently scheduled for 

December 4, 2019. [Dkt. Nos. 3992, 4711, and 4762]. If the RSA is approved, subject to its terms 

and conditions: (i) subrogation claims will be settled and allowed in the reduced aggregate amount 

of $11 billion; and (ii) the creditors party to the RSA will be committed to support and vote for the 

Debtors’ plan, which provides that no postpetition interest in any amount will be paid on the allowed 

subrogation claims. However, unless and until the RSA is approved, out of an abundance of caution, 

the Ad Hoc Subrogation Group reserves its rights to argue for postpetition interest on the claims of 

its members at the applicable rate under state law in the context of any plan put forward for 

confirmation.1

[The remainder of this page is intentionally left blank.]

1

If the RSA is approved, the Ad Hoc Subrogation Group does not intend to participate further in any briefing or 

argument regarding postpetition interest. 

Case: 19-30088 Doc# 4840 Filed: 11/22/19 Entered: 11/22/19 12:17:54 Page 2 of

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Dated: November 22, 2019

Counsel for Ad Hoc Group of Subrogation Claim Holders

WILLKIE FARR & GALLAGHER LLP

/s/ Matthew A. Feldman

Matthew A. Feldman (pro hac vice)

Joseph G. Minias (pro hac vice)

Benjamin P. McCallen (pro hac vice)

Daniel I. Forman (pro hac vice)

787 Seventh Avenue

New York, NY 10019-6099

Telephone: (212) 728-8000

Facsimile: (212) 728-8111

Email: mfeldman@willkie.com

jminias@willkie.com

bmccallen@willkie.com

dforman@willkie.com

DIEMER & WEI, LLP

Kathryn S. Diemer (#133977)

100 West San Fernando Street, Suite 555

San Jose, CA 95113

Telephone: (408) 971-6270 

Facsimile: (408) 971-6271 

Email: kdiemer@diemerwei.com

Case: 19-30088 Doc# 4840 Filed: 11/22/19 Entered: 11/22/19 12:17:54 Page 3 of

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