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For Pacific Gas & Electric Company (PCG), Stonehill Capital Management LLC and John Motulsky, Jonathan Sacks, Peter Sisitsky, Michael Thoyer, Michael Stern, Samir Arora and Garrett Zwahlen each reported shared voting and dispositive power over 716,125 shares of First Preferred Stock, or 6.9% of the class. Stonehill Institutional Partners, L.P. reported shared voting and dispositive power over 421,380 shares, or 4.1%.
The reporting persons stated that they disclaim beneficial ownership except to the extent of their pecuniary interest. The reported percentages are based on 10,319,782 First Preferred shares outstanding.
Key Figures
Reported shared voting and dispositive power:716,125 sharesReported percentage of class:6.9%Reported shared voting and dispositive power:421,380 shares+2 more
5 metrics
Reported shared voting and dispositive power716,125 sharesStonehill Capital Management LLC and each of the seven named individuals; 6.9% of the class
Reported percentage of class6.9%Stonehill Capital Management LLC and each of the seven named individuals
Reported shared voting and dispositive power421,380 sharesStonehill Institutional Partners, L.P.
Reported percentage of class4.1%Stonehill Institutional Partners, L.P.
First Preferred shares outstanding10,319,782 sharesAggregate share count used as the basis for the reported percentages
"shares of First Preferred Stock that may be deemed to be beneficially owned"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
shared voting powerregulatory
"Shared Voting Power 716,125.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerregulatory
"Shared Dispositive Power 716,125.00"
pecuniary interestregulatory
"except to the extent of their pecuniary interest therein"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many PCG First Preferred shares did the reporting persons report?
Stonehill Capital Management LLC and John Motulsky, Jonathan Sacks, Peter Sisitsky, Michael Thoyer, Michael Stern, Samir Arora and Garrett Zwahlen each reported shared voting and dispositive power over 716,125 shares, or 6.9% of the class. Stonehill Institutional Partners, L.P. reported 421,380 shares, or 4.1%. The percentages are based on 10,319,782 shares outstanding.
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
716,125.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
716,125.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
716,125.00
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)
6.9 %
12
Type of Reporting Person (See Instructions)
IN, HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Pacific Gas & Electric Company
(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, 694308305, 694308800 and 694308883 (the "First Preferred Stock") of Pacific Gas & 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")
(b)
Address or principal business office or, if none, residence:
c/o Stonehill Capital Management LLC, 320 Park Avenue, 26th Floor, New York, NY 10022
(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.
(d)
Title of class of securities:
First Preferred Stock, cumulative, par value $25.00 per share
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 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 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 or Control Person.
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.
Certifications:
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
Signature:
/s/ Paul D. Malek
Name/Title:
Paul D. Malek, An Authorized Signatory of a Member
Date:
11/02/2026
Stonehill Institutional Partners, L.P.
Signature:
/s/ Paul D. Malek
Name/Title:
Paul D. Malek, An Authorized Signatory of Stonehill General Partner, LLC, its general partner
Date:
11/02/2026
John Motulsky
Signature:
/s/ Paul D. Malek
Name/Title:
Paul D. Malek, Attorney-in-Fact for John Motulsky
Date:
11/02/2026
Jonathan Sacks
Signature:
/s/ Paul D. Malek
Name/Title:
Paul D. Malek, Attorney-in-Fact for Jonathan Sacks
Date:
11/02/2026
Michael Thoyer
Signature:
/s/ Paul D. Malek
Name/Title:
Paul D. Malek, Attorney-in-Fact for Michael Thoyer
Date:
11/02/2026
Michael Stern
Signature:
/s/ Paul D. Malek
Name/Title:
Paul D. Malek, Attorney-in-Fact for Michael Stern
Date:
11/02/2026
Samir Arora
Signature:
/s/ Paul D. Malek
Name/Title:
Paul D. Malek, Attorney-in-Fact for Samir Arora
Date:
11/02/2026
Garrett Zwahlen
Signature:
/s/ Paul D. Malek
Name/Title:
Paul D. Malek, Attorney-in-Fact for Garrett Zwahlen
Date:
11/02/2026
Peter Sisitsky
Signature:
/s/ Paul D. Malek
Name/Title:
Paul D. Malek, Attorney-in-Fact for Peter Sisitsky
Date:
11/02/2026
Comments accompanying signature: 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.
