Pg&e Corporation v. Ad Hoc Committee of Holders

FOR PUBLICATION

UNITED STATES COURT OF APPEALS

FOR THE NINTH CIRCUIT

IN RE PG&E CORPORATION; PACIFIC No. 21-16043

GAS & ELECTRIC COMPANY,

Debtors, D.C. No. 4:20-cv-04570-

HSG

AD HOC COMMITTEE OF HOLDERS OF

TRADE CLAIMS,

Appellant, OPINION

v.

PACIFIC GAS AND ELECTRIC

COMPANY,

Appellee.

Appeal from the United States District Court for the Northern District of California Haywood S. Gilliam, Jr., District Judge, Presiding

Argued and Submitted December 6, 2021 San Francisco, California

Filed August 29, 2022 IN RE PG&E CORP.

Before: Carlos F. Lucero, * Sandra S. Ikuta, and Lawrence VanDyke, Circuit Judges.

Opinion by Judge Lucero; Dissent by Judge Ikuta

SUMMARY **

Bankruptcy

The panel reversed the district court’s order, which affirmed the bankruptcy court’s ruling that in the chapter 11 proceeding of solvent debtor Pacific Gas and Electric Co., unsecured creditors whose claims were designated as unimpaired were limited to recovery of postpetition interest at the federal judgment rate, rather than the higher rates required by their contracts with PG&E and by California law governing contractual obligations not…