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September 17, 2020

Press Release

PG&E Transaction is Largest New-Money DIP Financing in History

Stroock’s national Financial Restructuring Group has been awarded ‘Deal of the Year’ by IFLR1000 for the Pacific Gas and Electric Company $5.5 billion debtor-in-possession financing transaction. Stroock represented JPMorgan Chase Bank, N.A. as administrative agent and as lead arranger for the largest new-money DIP financing in history, provided to PG&E in connection with its chapter 11 cases. The DIP facilities provided PG&E with liquidity to fund its ongoing operations and prosecute and consummate its historic restructuring. A multidisciplinary team at Stroock led the structuring, negotiation and documentation of the JPMorgan-led DIP facilities and assisted with PG&E’s exit from chapter 11 on July 1, 2020.

Stroock’s Financial Restructuring Group has extensive experience representing sophisticated financial institutions in their role as creditors, equity holders and new money investors/lenders in high-profile and complex bankruptcy matters. The group routinely plays a central part in the nation’s largest restructurings.

Stroock provides strategic transactional, regulatory and litigation advice to advance the business objectives of leading financial institutions, multinational corporations and entrepreneurial businesses in the U.S. and globally.  With a rich history dating back 140 years, the firm has offices in New York, Los Angeles, Miami and Washington, D.C. For more, visit www.stroock.com.

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