§ 3454. — 3454. (Added by Stats. 2020, Ch. 27, Sec. 12.)

The acquisition of Pacific Gas and Electric Company by Golden State Energy, for any reason including pursuant to Section 713, shall not be subject to Sections 851 to 854, inclusive, if Golden State Energy, or its subsidiary, as part of such acquisition, agrees to do all of the following:
(a)
Assume, take assignment of, and be bound by all collective bargaining agreements and related obligations, including pension and benefit agreements, then in effect that cover the business being acquired.
(b)
Assume any obligations for funding under pension plans then in effect.
(c)
In the event the transfer is made as part of Pacific Gas and
Electric Company’s and PG&E Corporation’s bankruptcy cases pursuant to Chapter 11 (commencing with Section 1101) of the United States Bankruptcy Code (Title 11 of the United States Code) (Case No. 19-30088), adopt and be bound by the terms and provisions set forth on Exhibit B to the Debtors’ and Shareholder Proponents’ Joint Chapter 11 Plan of Reorganization Dated March 16, 2020.

Legislative History

Added by Stats. 2020, Ch. 27, Sec. 12. (SB 350) Effective January 1, 2021.