SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN THE STATEMENTS FILED PURSUANT TO
RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
Pacific Gas & Electric
--------------------------------------------
(Name of Issuer)
Series B 5.5% Preferred Stock
------------------------------------------
(Title of Class of Securities)
694308305
-------------------
(CUSIP Number)
August 15, 2001
-------------------------------------------------------
(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)
[x] 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 in 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).
-------------------------------------------------------------------------------
CUSIP No. 694308305 Schedule 13G
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
King Street Capital, L.P.
13-3812174
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
[ ] (a)
[x] (b)
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 57,330
PERSON ----------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
----------------------------------------------
8 SHARED DISPOSITIVE POWER
57,330
-------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
57,330
-------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
-------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.9%
-------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
-------------------------------------------------------------------------------
CUSIP No. 694308305 Schedule 13G
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
King Street Capital, Ltd.
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)|_|
(b) x
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
-------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 106,470
PERSON ----------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
----------------------------------------------
8 SHARED DISPOSITIVE POWER
106,470
-------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
106,470
-------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
-------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.1%
-------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
CO
-------------------------------------------------------------------------------
CUSIP No. 694308305 Schedule 13G
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
King Street Advisors, L.L.C.
13-3812173
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)|_|
(b) x
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 57,330
PERSON ----------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
----------------------------------------------
8 SHARED DISPOSITIVE POWER
57,330
-------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
57,330
-------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
-------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.9%
-------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
OO, IA
-------------------------------------------------------------------------------
CUSIP No. 694308305 Schedule 13G
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
King Street Capital Management, L.L.C.
13-3978904
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)|_|
(b) x
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 106,470
PERSON ----------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
----------------------------------------------
8 SHARED DISPOSITIVE POWER
106,470
-------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
106,470
-------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
-------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.1%
-------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
OO, IA
-------------------------------------------------------------------------------
CUSIP No. 694308305 Schedule 13G
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
O. Francis Biondi, Jr.
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)|_|
(b) x
-------------------------------------------------------------------------------
3 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS |_|
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
-------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 163,800
PERSON ----------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
----------------------------------------------
8 SHARED DISPOSITIVE POWER
163,800
-------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
163,800
-------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
-------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.0%
-------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
-------------------------------------------------------------------------------
CUSIP No. 694308305 Schedule 13G
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Brian J. Higgins
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)|_|
(b) x
-------------------------------------------------------------------------------
3 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS |_|
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
-------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 163,800
PERSON ----------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
----------------------------------------------
8 SHARED DISPOSITIVE POWER
163,800
-------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
163,800
-------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
-------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.0%
-------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
-------------------------------------------------------------------------------
Item 1(a). Name of Issuer.
PACIFIC GAS & ELECTRIC COMPANY
Item 1(b). Address of Issuer's Principal Executive Offices.
77 Beale Street, P.O. 770000
San Francisco, CA 94177
Item 2(a). Name of Person Filing.
This schedule is being jointly filed by King Street Capital, L.P.
("KSC L.P."), King Street Capital Ltd. ("KSC Ltd."), King Street Advisors,
L.L.C. ("KSA"), King Street Capital Management, L.L.C. ("KSCM"), O. Francis
Biondi, Jr. and Brian J. Higgins. KSC LP, KSC Ltd., KSA, KSCM, Mr. Biondi
and Mr. Higgins are collectively referred to herein as the "Reporting
Persons."
Item 2(b). Address of Principal Business Office or, if None, Residence.
The principal business address of KSC Ltd. is:
c/o HWR Services
Craigmuir Chambers
P.O. Box 71
Road Town, Tortola
British Virgin Islands
The principal business address of each of the other Reporting
Persons is:
575 Lexington Avenue
7th Floor
New York, New York 10022
Item 2(c). Citizenship.
Mr. Biondi and Mr. Higgins are both United States citizens. KSC
Ltd. is organized under the laws of the British Virgin Islands. Each of the
other Reporting Persons is organized under the laws of the State of
Delaware.
Item 2(d). Title of Class of Securities.
Series B 5.5% Preferred Stock ("Preferred Stock")
Item 2(e). CUSIP Number.
694308305
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:
(a) [ ] Broker or dealer registered under Section 15 of
the Exchange Act.
(b) [ ] Bank as defined in Section 3(a)(6) of the Exchange
Act.
(c) [ ] Insurance company as defined in section 3(a)(19)
of the Exchange Act.
(d) [ ] Investment company registered under Section 8 of
the Investment Company Act.
(e) [ ] An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E).
(f) [ ] An employee benefit plan or endowment fund in
accordance with Rule 13d-1(b)(1)(ii)(F).
(g) [ ] A parent holding company or control person in
accordance with Rule 13d-1(b)(1)(ii)(G).
(h) [ ] A savings association as defined in Section 3(b)
of the Federal Deposit Insurance Act.
(i) [ ] A church plan that is excluded from the definition
of an investment company under Section 3(c)(14) of the
Investment Company Act.
Item 4. Ownership.
As of January 29, 2002, 57,330 shares of Preferred Stock, or 4.9%
of the total outstanding shares of Preferred Stock on that date, were held
by KSC L.P and 106,470 shares of Preferred Stock, or 9.1% of the total
outstanding shares of Preferred Stock on the date, were held by KSC Ltd.
Because KSA is the general partner of KSC L.P., pursuant to Rule 13d-1, as
of January 29, 2002, KSA may be deemed to be the beneficial owner of 57,330
shares of Preferred Stock, or 4.9% of the total outstanding shares of
Preferred Stock on that date, consisting of the shares owned by KSC L.P.
Because KSCM is the investment adviser to KSC Ltd., pursuant to Rule 13d-1,
as of January 29, 2002, KSCM may be deemed to be the beneficial owner of
106,470 shares of Preferred Stock, or 9.1% of the total outstanding
shares of Preferred Stock on that date, consisting of the shares owned by
KSC Ltd. Because Mr. Biondi is a managing member of, and owns a 50%
interest in, each of KSA and KSCM , pursuant to Rule 13d-1, as of January
29, 2002, Mr. Biondi may be deemed to be the beneficial owner of 163,800
shares of Preferred Stock, or 14.0% of the total outstanding shares of
Preferred Stock on that date, consisting of the shares owned by KSC L.P.
and KSC Ltd. Because Mr. Higgins is a managing member of, and owns a 50%
interest in, each of KSA and KSCM, pursuant to Rule 13d-1, as of January
29, 2002, Mr. Higgins may be deemed to be the beneficial owner of 163,800
shares of Preferred Stock, or 14.0% of the total outstanding shares of
Preferred Stock on that date, consisting of the shares owned by KSC L.P.
and KSC Ltd.
KSC L.P. may be deemed to have shared voting and dispositive power
over the 57,330 shares of Preferred Stock it owns, or 4.9% of the total
outstanding shares of Preferred Stock. KSC Ltd. may be deemed to have
shared voting and dispositive power over the 106,470 shares of Preferred
Stock it owns, or 9.1% of the total outstanding shares of Preferred Stock.
Because of the relationship described above, KSA may be deemed to have
shared voting and dispositive power over the 57,330 shares of Preferred
Stock owned by KSC L.P., or 4.9% of the total outstanding shares of
Preferred Stock. Because of the relationships described above, KSCM may be
deemed to have shared voting and dispositive power over the 106,470 shares
of Preferred Stock owned by KSC Ltd., or 9.1% of the total outstanding
shares of Preferred Stock. Because of the relationships described above,
Mr. Biondi may be deemed to have shared voting and dispositive power over
an aggregate of 163,800 shares of Preferred Stock, or 14.0% of the total
outstanding shares of Preferred Stock, consisting of shares owned by KSC
L.P. and KSC Ltd. Because of the relationships described above, Mr. Higgins
may be deemed to have shared voting and dispositive power over an aggregate
of 163,800 shares of Preferred Stock, or 14.0% of the total outstanding
shares of Preferred Stock, consisting of shares owned by KSC L.P. and KSC
Ltd.
Because of the relationships described above, the Reporting
Persons may be deemed to constitute a "group" within the meaning of Rule
13d-5 under the Securities and Exchange Act of 1934, and as such, each
member of the group would be deemed to beneficially own, in the aggregate,
all the shares of Preferred Stock held by members of the group. The
Reporting Persons do not admit that they constitute a group within the
meaning of Rule 13d-5.
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
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 the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Not applicable.
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.
Dated: January 31, 2002
KING STREET CAPITAL, L.P.
By: King Street Advisors, L.L.C., its general partner
By: /s/ Brian J. Higgins
---------------------------
Name: Brian J. Higgins
Title: Managing Member
KING STREET CAPITAL, LTD.
By: /s/ Brian J. Higgins
---------------------------
Name: Brian J. Higgins
Title: Director
KING STREET ADVISORS, L.L.C.
By: /s/ Brian J. Higgins
---------------------------
Name: Brian J. Higgins
Title: Managing Member
KING STREET CAPITAL MANAGEMENT, L.L.C.
By: /s/ Brian J. Higgins
---------------------------
Name: Brian J. Higgins
Title: Managing Member
/s/ O. Francis Biondi, Jr.
----------------------------
O. Francis Biondi, Jr.
/s/ Brian J. Higgins
-------------------------
Brian J. Higgins