0001193125-19-030386.txt : 20190207 0001193125-19-030386.hdr.sgml : 20190207 20190207110732 ACCESSION NUMBER: 0001193125-19-030386 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20190207 DATE AS OF CHANGE: 20190207 GROUP MEMBERS: CHRISTOPHER WILSON GROUP MEMBERS: JOHN MOTULSKY GROUP MEMBERS: JONATHAN SACKS GROUP MEMBERS: MICHAEL STERN GROUP MEMBERS: MICHAEL THOYER GROUP MEMBERS: PETER SISITSKY GROUP MEMBERS: SAMIR ARORA SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PACIFIC GAS & ELECTRIC Co CENTRAL INDEX KEY: 0000075488 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 940742640 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-32176 FILM NUMBER: 19573954 BUSINESS ADDRESS: STREET 1: 77 BEALE ST STREET 2: P O BOX 770000 CITY: SAN FRANCISCO STATE: CA ZIP: 94177 BUSINESS PHONE: 4159737000 MAIL ADDRESS: STREET 1: 77 BEALE STREET STREET 2: P O BOX 770000 CITY: SAN FRANCISCO STATE: CA ZIP: 94177 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 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 885 THIRD AVE STREET 2: 30TH FL CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212 739 7474 MAIL ADDRESS: STREET 1: 885 THIRD AVE STREET 2: 30TH FL CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: STONEHIL CAPITAL MANAGEMENT LLC DATE OF NAME CHANGE: 20031006 SC 13G 1 d641474dsc13g.htm SC 13G SC 13G

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13G

(Amendment No. )*

Under the Securities Exchange Act of 1934

 

 

Pacific Gas & Electric Company

(Name of Issuer)

First Preferred Stock, cumulative, par value $25 per share

(Title of Class of Securities)

694308 20 6

694308 40 4

694308 50 3

694308 60 2

694308 70 1

694308 80 0

694308 30 5

694308 88 3

(CUSIP Number)

January 28, 2019

(Date of Event which Requires Filing of this Statement)

 

 

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

☐ Rule 13d-1(b)

☒ Rule 13d-1(c)

☐ Rule 13d-1(d)

 

*

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

Page 2 of 13 Pages

 

  1    

Names of Reporting Persons

 

Stonehill Capital Management LLC

  2   

Check the Appropriate Box If a Member of a Group (See Instructions)

a.  ☐        b.  ☐

 

  3   

SEC Use Only

 

  4   

Citizenship or Place of Organization

 

Delaware, USA

Number of

Shares

 Beneficially 

Owned By

Each

Reporting

Person

With

    5    

Sole Voting Power

 

0

   6   

Shared Voting Power

 

672,176

   7   

Sole Dispositive Power

 

0

   8   

Shared Dispositive Power

 

672,176

  9   

Aggregate Amount Beneficially Owned by Each Reporting Person

 

672,176

10   

Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  ☐

 

11   

Percent of Class Represented By Amount in Row (9)

 

6.5%

12    

Type of Reporting Person (See Instructions)

 

IA

Page 3 of 13 Pages

 

  1    

Names of Reporting Persons

 

John Motulsky

  2   

Check the Appropriate Box If a Member of a Group (See Instructions)

a.  ☐        b.  ☐

 

  3   

SEC Use Only

 

  4   

Citizenship or Place of Organization

 

USA

Number of

Shares

 Beneficially 

Owned By

Each

Reporting

Person

With

    5    

Sole Voting Power

 

0

   6   

Shared Voting Power

 

672,176

   7   

Sole Dispositive Power

 

0

   8   

Shared Dispositive Power

 

672,176

  9   

Aggregate Amount Beneficially Owned by Each Reporting Person

 

672,176

10   

Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  ☐

 

11   

Percent of Class Represented By Amount in Row (9)

 

6.5%

12    

Type of Reporting Person (See Instructions)

 

IN, HC

Page 4 of 13 Pages

 

  1    

Names of Reporting Persons

 

Christopher Wilson

  2   

Check the Appropriate Box If a Member of a Group (See Instructions)

a.  ☐        b.  ☐

 

  3   

SEC Use Only

 

  4   

Citizenship or Place of Organization

 

USA

Number of

Shares

 Beneficially 

Owned By

Each

Reporting

Person

With

    5    

Sole Voting Power

 

0

   6   

Shared Voting Power

 

672,176

   7   

Sole Dispositive Power

 

0

   8   

Shared Dispositive Power

 

672,176

  9   

Aggregate Amount Beneficially Owned by Each Reporting Person

 

672,176

10   

Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  ☐

 

11   

Percent of Class Represented By Amount in Row (9)

 

6.5%

12    

Type of Reporting Person (See Instructions)

 

IN, HC

Page 5 of 13 Pages

 

  1    

Names of Reporting Persons

 

Jonathan Sacks

  2   

Check the Appropriate Box If a Member of a Group (See Instructions)

a.  ☐        b.  ☐

 

  3   

SEC Use Only

 

  4   

Citizenship or Place of Organization

 

USA

Number of

Shares

 Beneficially 

Owned By

Each

Reporting

Person

With

    5    

Sole Voting Power

 

0

   6   

Shared Voting Power

 

672,176

   7   

Sole Dispositive Power

 

0

   8   

Shared Dispositive Power

 

672,176

  9   

Aggregate Amount Beneficially Owned by Each Reporting Person

 

672,176

10   

Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  ☐

 

11   

Percent of Class Represented By Amount in Row (9)

 

6.5%

12    

Type of Reporting Person (See Instructions)

 

IN, HC

Page 6 of 13 Pages

 

  1    

Names of Reporting Persons

 

Peter Sisitsky

  2   

Check the Appropriate Box If a Member of a Group (See Instructions)

a.  ☐        b.  ☐

 

  3   

SEC Use Only

 

  4   

Citizenship or Place of Organization

 

USA

Number of

Shares

 Beneficially 

Owned By

Each

Reporting

Person

With

    5    

Sole Voting Power

 

0

   6   

Shared Voting Power

 

672,176

   7   

Sole Dispositive Power

 

0

   8   

Shared Dispositive Power

 

672,176

  9   

Aggregate Amount Beneficially Owned by Each Reporting Person

 

672,176

10   

Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  ☐

 

11   

Percent of Class Represented By Amount in Row (9)

 

6.5%

12    

Type of Reporting Person (See Instructions)

 

IN, HC

Page 7 of 13 Pages

 

  1    

Names of Reporting Persons

 

Michael Thoyer

  2   

Check the Appropriate Box If a Member of a Group (See Instructions)

a.  ☐        b.  ☐

 

  3   

SEC Use Only

 

  4   

Citizenship or Place of Organization

 

USA

Number of

Shares

 Beneficially 

Owned By

Each

Reporting

Person

With

    5    

Sole Voting Power

 

0

   6   

Shared Voting Power

 

672,176

   7   

Sole Dispositive Power

 

0

   8   

Shared Dispositive Power

 

672,176

  9   

Aggregate Amount Beneficially Owned by Each Reporting Person

 

672,176

10   

Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  ☐

 

11   

Percent of Class Represented By Amount in Row (9)

 

6.5%

12    

Type of Reporting Person (See Instructions)

 

IN, HC

Page 8 of 13 Pages

 

  1    

Names of Reporting Persons

 

Michael Stern

  2   

Check the Appropriate Box If a Member of a Group (See Instructions)

a.  ☐        b.  ☐

 

  3   

SEC Use Only

 

  4   

Citizenship or Place of Organization

 

USA

Number of

Shares

 Beneficially 

Owned By

Each

Reporting

Person

With

    5    

Sole Voting Power

 

0

   6   

Shared Voting Power

 

672,176

   7   

Sole Dispositive Power

 

0

   8   

Shared Dispositive Power

 

672,176

  9   

Aggregate Amount Beneficially Owned by Each Reporting Person

 

672,176

10   

Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  ☐

 

11   

Percent of Class Represented By Amount in Row (9)

 

6.5%

12    

Type of Reporting Person (See Instructions)

 

IN, HC

Page 9 of 13 Pages

 

  1    

Names of Reporting Persons

 

Samir Arora

  2   

Check the Appropriate Box If a Member of a Group (See Instructions)

a.  ☐        b.  ☐

 

  3   

SEC Use Only

 

  4   

Citizenship or Place of Organization

 

USA

Number of

Shares

 Beneficially 

Owned By

Each

Reporting

Person

With

    5    

Sole Voting Power

 

0

   6   

Shared Voting Power

 

672,176

   7   

Sole Dispositive Power

 

0

   8   

Shared Dispositive Power

 

672,176

  9   

Aggregate Amount Beneficially Owned by Each Reporting Person

 

672,176

10   

Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  ☐

 

11   

Percent of Class Represented By Amount in Row (9)

 

6.5%

12    

Type of Reporting Person (See Instructions)

 

IN, HC

Page 10 of 13 Pages

 

ITEM 1(a).    NAME OF ISSUER:

Pacific Gas and Electric Company

ITEM 1(b).    ADDRESS OF ISSUER’S PRINCIPAL EXECUTIVE OFFICES:

77 Beale Street, P.O. Box 770000, San Francisco, California 94177

ITEM 2(a).    NAME OF PERSON FILING:

This Schedule 13G is being filed on behalf of the following persons (the “Reporting Persons”):

 

  (i)

Stonehill Capital Management LLC (“Management”)

  (ii)

John Motulsky (“Motulsky”)

  (iii)

Christopher Wilson (“Wilson”)

  (iv)

Jonathan Sacks (“Sacks”)

  (v)

Peter Sisitsky (“Sisitsky”)

  (vi)

Michael Thoyer (“Thoyer”)

  (vii)

Michael Stern (“Stern”)

  (viii)

Samir Arora (“Arora”)

ITEM 2(b).    ADDRESS OF PRINCIPAL BUSINESS OFFICE:

c/o Stonehill Capital Management LLC

885 Third Avenue

30th Floor

New York, NY 10022

ITEM 2(c).    CITIZENSHIP:

 

Management:    Delaware limited liability company
Motulsky:    US Citizen
Wilson:    US Citizen
Sacks:    US Citizen
Sisitsky:    US Citizen
Thoyer:    US Citizen
Stern:    US Citizen
Arora:    US Citizen

ITEM 2(d).    TITLE OF CLASS OF SECURITIES:

First Preferred Stock, Cumulative, par value $25 per share (collectively referred to in this Schedule 13G as the “First Preferred Stock”.)

ITEM 2(e).    CUSIP NUMBER:

694308 20 6

694308 40 4

694308 50 3

694308 60 2

694308 70 1

694308 80 0

694308 30 5

694308 88 3

The above CUSIP numbers represent various series of the First Preferred Stock.

Page 11 of 13 Pages

 

ITEM 3.    IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B) OR (C) CHECK WHETHER THE PERSON FILING IS A:

Not applicable.

ITEM 4.    OWNERSHIP:

The information in items 1 and 5 through 11 on the cover pages (pp. 2 -9) on this Schedule 13G is hereby incorporated by reference. The securities reported as beneficially owned on this Schedule 13G are the shares of First Preferred Stock that may be deemed to be beneficially owned by the Reporting Persons. Stonehill Capital Management LLC serves as the investment manager of certain affiliated funds that directly hold the First Preferred Stock. The shares beneficially owned represent various series of the First Preferred Stock. Beneficial ownership is based on an aggregate of 10,319,782 shares of First Preferred Stock outstanding.

ITEM 5.    OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:

If this statement is being filed to report the fact that as of the date hereof the Reporting Persons have 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 FIVE PERCENT ON BEHALF OF ANOTHER PERSON:

Not applicable.

ITEM 7.    IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:

Not applicable.

ITEM 8.    IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF A 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.

Page 12 of 13 Pages

 

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.

Dated: February 7, 2019

 

STONEHILL CAPITAL MANAGEMENT LLC*
By:   /s/ Paul D. Malek
  Paul D. Malek
  An Authorized Signatory of a Member

 

JOHN MOTULSKY*
/s/ Paul D. Malek
Paul D. Malek
Attorney-in-Fact for John Motulsky
CHRISTOPHER WILSON*
/s/ Paul D. Malek
Paul D. Malek
Attorney-in-Fact for Christopher Wilson
JONATHAN SACKS*
/s/ Paul D. Malek
Paul D. Malek
Attorney-in-Fact for Jonathan Sacks
PETER SISITSKY*
/s/ Paul D. Malek
Paul D. Malek
Attorney-in-Fact for Peter Sisitsky
MICHAEL THOYER*
/s/ Paul D. Malek
Paul D. Malek
Attorney-in-Fact for Michael Thoyer
MICHAEL STERN*
/s/ Paul D. Malek
Paul D. Malek
Attorney-in-Fact for Michael Stern
SAMIR ARORA*
/s/ Paul D. Malek
Paul D. Malek
Attorney-in-Fact for Samir Arora

 

*

The Reporting Persons disclaim beneficial ownership in the shares reported herein except to the extent of their pecuniary interest therein, and this report shall not otherwise be deemed an admission that any of them is the beneficial owner of such securities for purposes of Section 13(d) or Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

Page 13 of 13 Pages

 

EXHIBIT 1

AGREEMENT OF JOINT FILING

Stonehill Capital Management LLC, John Motulsky, Christopher Wilson, Peter Sisitsky, Michael Thoyer, Jonathan Sacks, Michael Stern and Samir Arora 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: February 7, 2019

 

STONEHILL CAPITAL MANAGEMENT LLC
By:   /s/ Paul D. Malek
  Paul D. Malek
  An Authorized Signatory of a Member

 

JOHN MOTULSKY
/s/ Paul D. Malek
Paul D. Malek
Attorney-in-Fact for John Motulsky
CHRISTOPHER WILSON
/s/ Paul D. Malek
Paul D. Malek
Attorney-in-Fact for Christopher Wilson
JONATHAN SACKS
/s/ Paul D. Malek
Paul D. Malek
Attorney-in-Fact for Jonathan Sacks
PETER SISITSKY
/s/ Paul D. Malek
Paul D. Malek
Attorney-in-Fact for Peter Sisitsky
MICHAEL THOYER
/s/ Paul D. Malek
Paul D. Malek
Attorney-in-Fact for Michael Thoyer
MICHAEL STERN
/s/ Paul D. Malek
Paul D. Malek
Attorney-in-Fact for Michael Stern
SAMIR ARORA
/s/ Paul D. Malek
Paul D. Malek
Attorney-in-Fact for Samir Arora