# EDGAR Filing Document

**Accession Number:** 0000075488
**File Stem:** 0001193125-25-283103
**Filing Date:** 2025-11
**Character Count:** 24950
**Document Hash:** c6d976accbfa1a77d8140671899274ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-283103.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001193125-25-283103

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PACIFIC GAS & ELECTRIC Co
- **CENTRAL INDEX KEY:** 0000075488
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 940742640
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-32176
- **FILM NUMBER:** 251487012

**BUSINESS ADDRESS:**
- **STREET 1:** 300 LAKESIDE DRIVE
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612
- **BUSINESS PHONE:** 4159731000

**MAIL ADDRESS:**
- **STREET 1:** 300 LAKESIDE DRIVE
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PACIFIC GAS & ELECTRIC CO
- **DATE OF NAME CHANGE:** 19920703
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STONEHILL CAPITAL MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001266227

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 320 PARK AVE.
- **STREET 2:** 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212 739 7474

**MAIL ADDRESS:**
- **STREET 1:** 320 PARK AVE.
- **STREET 2:** 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STONEHIL CAPITAL MANAGEMENT LLC
- **DATE OF NAME CHANGE:** 20031006

## Exhibit 99.1

**EXHIBIT 1**

**AGREEMENT OF JOINTING FILING**

Stonehill Capital Management LLC, Stonehill Institutional Partners, L.P., John Motulsky, Peter Sisitsky, Michael Thoyer, Jonathan Sacks, Michael Stern, Samir Arora and Garrett Zwahlen hereby agree that the Statement on Schedule 13G to which this agreement is attached as an exhibit as well as all future amendments to such Statement, shall be filed jointly on behalf of each of them. This agreement is intended to satisfy the requirements of Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended.

Dated: November 14, 2025

**STONEHILL CAPITAL MANAGEMENT LLC**

By: <u>/s/ Paul D. Malek</u>

Paul D. Malek

An Authorized Signatory of a Member

**STONEHILL INSTITUTIONAL PARTNERS, L.P.**

By: Stonehill General Partner, LLC, its general partner

By: <u>/s/ Paul D. Malek</u>

Paul D. Malek

An Authorized Signatory

**JOHN MOTULSKY**

<u>/s/ Paul D. Malek</u>

Paul D. Malek

Attorney-in-Fact for John Motulsky

**JONATHAN SACKS**

<u>/s/ Paul D. Malek</u>

Paul D. Malek

Attorney-in-Fact for Jonathan Sacks

**PETER SISITSKY**

<u>/s/ Paul D. Malek</u>

Paul D. Malek

Attorney-in-Fact for Peter Sisitsky

**MICHAEL THOYER**

<u>/s/ Paul D. Malek</u>

Paul D. Malek

Attorney-in-Fact for Michael Thoyer

**MICHAEL STERN**

<u>/s/ Paul D. Malek</u>

Paul D. Malek

Attorney-in-Fact for Michael Stern

**SAMIR ARORA**

<u>/s/ Paul D. Malek</u>

Paul D. Malek

Attorney-in-Fact for Samir Arora

**GARRETT ZWAHLEN**

<u>/s/ Paul D. Malek</u>

Paul D. Malek

Attorney-in-Fact for Garrett Zwahlen

------

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 6)**

**Issuer:** Pacific Gas & Electric Company

**Title of Class of Securities:** First Preferred Stock, cumulative, par value $25.00 per share

**CUSIP Number:** 694308206

**Date of Event Which Requires Filing of this Statement:** 09/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Stonehill Capital Management LLC | Names of Reporting Persons<br>Stonehill Capital Management LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>816943 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>816943 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>816943 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>816943 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.9% | Percent of Class Represented by Amount in Row (9)<br>7.9% |
| 12. | Type of Reporting Person (See Instructions)<br>IA | Type of Reporting Person (See Instructions)<br>IA |

---

| 1. | Names of Reporting Persons<br>Stonehill Institutional Partners, L.P. | Names of Reporting Persons<br>Stonehill Institutional Partners, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>480247 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>480247 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>480247 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>480247 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.7% | Percent of Class Represented by Amount in Row (9)<br>4.7% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>John Motulsky | Names of Reporting Persons<br>John Motulsky |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>816943 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>816943 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>816943 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>816943 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.9% | Percent of Class Represented by Amount in Row (9)<br>7.9% |
| 12. | Type of Reporting Person (See Instructions)<br>IN, HC | Type of Reporting Person (See Instructions)<br>IN, HC |

---

| 1. | Names of Reporting Persons<br>Jonathan Sacks | Names of Reporting Persons<br>Jonathan Sacks |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>816943 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>816943 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>816943 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>816943 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.9% | Percent of Class Represented by Amount in Row (9)<br>7.9% |
| 12. | Type of Reporting Person (See Instructions)<br>IN, HC | Type of Reporting Person (See Instructions)<br>IN, HC |

---

| 1. | Names of Reporting Persons<br>Michael Thoyer | Names of Reporting Persons<br>Michael Thoyer |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>816943 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>816943 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>816943 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>816943 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.9% | Percent of Class Represented by Amount in Row (9)<br>7.9% |
| 12. | Type of Reporting Person (See Instructions)<br>IN, HC | Type of Reporting Person (See Instructions)<br>IN, HC |

---

| 1. | Names of Reporting Persons<br>Michael Stern | Names of Reporting Persons<br>Michael Stern |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>816943 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>816943 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>816943 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>816943 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.9% | Percent of Class Represented by Amount in Row (9)<br>7.9% |
| 12. | Type of Reporting Person (See Instructions)<br>IN, HC | Type of Reporting Person (See Instructions)<br>IN, HC |

---

| 1. | Names of Reporting Persons<br>Samir Arora | Names of Reporting Persons<br>Samir Arora |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>816943 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>816943 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>816943 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>816943 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.9% | Percent of Class Represented by Amount in Row (9)<br>7.9% |
| 12. | Type of Reporting Person (See Instructions)<br>IN, HC | Type of Reporting Person (See Instructions)<br>IN, HC |

---

| 1. | Names of Reporting Persons<br>Garrett Zwahlen | Names of Reporting Persons<br>Garrett Zwahlen |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>816943 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>816943 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>816943 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>816943 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.9% | Percent of Class Represented by Amount in Row (9)<br>7.9% |
| 12. | Type of Reporting Person (See Instructions)<br>IN, HC | Type of Reporting Person (See Instructions)<br>IN, HC |

---

| 1. | Names of Reporting Persons<br>Peter Sisitsky | Names of Reporting Persons<br>Peter Sisitsky |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>816943 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>816943 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>816943 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>816943 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.9% | Percent of Class Represented by Amount in Row (9)<br>7.9% |
| 12. | Type of Reporting Person (See Instructions)<br>IN, HC | Type of Reporting Person (See Instructions)<br>IN, HC |

---

**Item 1(a). Name of Issuer:**
Pacific Gas & Electric Company

**Item 1(b). Address of Issuer's Principal Executive Offices:**
300 Lakeside Drive, Oakland, California 94612

**Item 2(a). Name of Person Filing:**
This amended Schedule 13G is being filed on behalf of the following persons (the "Reporting Persons") with respect to shares of First Preferred Stock cumulative, par value $25.00 per share, with the CUSIP numbers 694308206, 694308404, 694308503, 694308602, 694308701, 694308800, 694308305 and 694308883  (the "First Preferred Stock") of Pacific Gas and Electric Company (the "Issuer"):

(i) Stonehill Capital Management LLC ("Management")
(ii) Stonehill Institutional Partners, L.P. ("Fund")
(iii) John Motulsky ("Motulsky")
(iv) Jonathan Sacks ("Sacks")
(v) Peter Sisitsky ("Sisitsky")
(vi) Michael Thoyer ("Thoyer")
(vii) Michael Stern ("Stern")
(viii) Samir Arora ("Arora")
(ix) Garrett Zwahlen ("Zwahlen")

**Item 2(b). Address of Principal Business Office:**
c/o Stonehill Capital Management LLC, 320 Park Avenue, 26th Floor, New York, NY 10022

**Item 2(c). Citizenship:**
Management is a Delaware limited liability company. Fund is a Delaware limited partnership. Each of Motulsky, Sacks, Sisitsky, Thoyer, Stern, Arora and Zwahlen is a United States citizen.

**Item 2(d). Title of Class of Securities:**
First Preferred Stock, cumulative, par value $25.00 per share

**Item 2(e). CUSIP Number:**
694308206

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

The information set forth on rows 5-9 of the cover pages of this Schedule 13G is hereby incorporated by reference into this Item 4(a). The amounts of securities reported as beneficially owned on this Schedule 13G are the number of shares of First Preferred Stock that may be deemed to be beneficially owned by the Reporting Persons. The beneficial ownership information represents various series of the First Preferred Stock.

**(b) Percent of class:**

The information set forth on row 11 of the cover pages of this Schedule 13G is hereby incorporated by reference into this Item 4(b). The percentages set forth on the cover pages are based on an aggregate of 10,319,782 shares of First Preferred Stock outstanding.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

The information set forth on row 5 of the cover pages of this Schedule 13G is hereby incorporated by reference into this Item 4(c)(i).

**(ii) Shared power to vote or to direct the vote:**

The information set forth on row 6 of the cover pages of this Schedule 13G is hereby incorporated by reference into this Item 4(c)(ii).

**(iii) Sole power to dispose or to direct the disposition of:**

The information set forth on row 7 of the cover pages of this Schedule 13G is hereby incorporated by reference into this Item 4(c)(iii).

**(iv) Shared power to dispose or to direct the disposition of:**

The information set forth on row 8 of the cover pages of this Schedule 13G is hereby incorporated by reference into this Item 4(c)(iv).

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Stonehill Capital Management LLC**

**Date:** 11/14/2025

**By:** /s/ Paul D. Malek

**Name & Title:** Paul Malek, An Authorized Signatory of a Member

**Stonehill Institutional Partners, L.P.**

**Date:** 11/14/2025

**By:** /s/ Paul D. Malek

**Name & Title:** Paul D. Malek, An Authorized Signatory of Stonehill General Partner, LLC, its general partner

**John Motulsky**

**Date:** 11/14/2025

**By:** /s/ Paul D. Malek

**Name & Title:** Paul D. Malek, Attorney-in-Fact for John Motulsky

**Jonathan Sacks**

**Date:** 11/14/2025

**By:** /s/ Paul D. Malek

**Name & Title:** Paul D. Malek, Attorney-in-Fact for Jonathan Sacks

**Michael Thoyer**

**Date:** 11/14/2025

**By:** /s/ Paul D. Malek

**Name & Title:** Paul D. Malek, Attorney-in-Fact for Michael Thoyer

**Michael Stern**

**Date:** 11/14/2025

**By:** /s/ Paul D. Malek

**Name & Title:** Paul D. Malek, Attorney-in-Fact for Michael Stern

**Samir Arora**

**Date:** 11/14/2025

**By:** /s/ Paul D. Malek

**Name & Title:** Paul D. Malek, Attorney-in-Fact for Samir Arora

**Garrett Zwahlen**

**Date:** 11/14/2025

**By:** /s/ Paul D. Malek

**Name & Title:** Paul D. Malek, Attorney-in-Fact for Garrett Zwahlen

**Peter Sisitsky**

**Date:** 11/14/2025

**By:** /s/ Paul D. Malek

**Name & Title:** Paul D. Malek, Attorney-in-Fact for Peter Sisitsky