SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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)
Amendment No. 1
Pacific Gas & Electric Company
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(Name of Issuer)
Series Y 6.57% Preferred Stock
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(Title of Class of Securities)
694308693
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(CUSIP Number)
January 10, 2003
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(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. 694308693
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 107,030
REPORTING
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
8 SHARED DISPOSITIVE POWER
107,030
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
107,030
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.57%
12 TYPE OF REPORTING PERSON
PN
CUSIP No. 694308693 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 198,770
REPORTING
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
8 SHARED DISPOSITIVE POWER
198,770
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
198,770
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.63%
12 TYPE OF REPORTING PERSON
CO
CUSIP No. 694308693 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 107,030
REPORTING
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
8 SHARED DISPOSITIVE POWER
107,030
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
107,030
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.57%
12 TYPE OF REPORTING PERSON
OO, IA
CUSIP No. 694308693 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 198,770
REPORTING
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
8 SHARED DISPOSITIVE POWER
198,770
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
198,770
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.63%
12 TYPE OF REPORTING PERSON
OO, IA
CUSIP No. 694308693
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 305,800
REPORTING
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
8 SHARED DISPOSITIVE POWER
305,800
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
305,800
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.19%
12 TYPE OF REPORTING PERSON
IN
CUSIP No. 694308693 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 305,800
REPORTING
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
8 SHARED DISPOSITIVE POWER
305,800
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
305,800
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.19%
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 L.P., 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:
909 Third Avenue
30th 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 Y 6.57% Preferred Stock ("Preferred Stock")
Item 2(e). CUSIP Number.
694308693
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 15, 2003, 107,030 shares of Preferred Stock, or 3.57% of the
total outstanding shares of Preferred Stock on that date, were held by KSC L.P.
and 198,770 shares of Preferred Stock, or 6.63% 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 15, 2003, KSA may be
deemed to be the beneficial owner of 107,030 shares of Preferred Stock, or 3.57%
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 15, 2003, KSCM may be deemed to be the
beneficial owner of 198,770 shares of Preferred Stock, or 6.63% 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 15,
2003, Mr. Biondi may be deemed to be the beneficial owner of 305,800 shares of
Preferred Stock, or 10.19% 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 15, 2003, Mr. Higgins may be deemed
to be the beneficial owner of 305,800 shares of Preferred Stock, or 10.19% 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
107,030 shares of Preferred Stock it owns, or 3.57% of the total outstanding
shares of Preferred Stock. KSC Ltd. may be deemed to have shared voting and
dispositive power over the 198,770 shares of Preferred Stock it owns, or 6.63%
of the total outstanding shares of Preferred Stock. Because of
the relationships described above, KSA may be deemed to have shared voting and
dispositive power over the 107,030 shares of Preferred Stock owned by KSC L.P.,
or 3.57% of the total outstanding shares of Preferred Stock. Although KSC Ltd.
is the record holder of the 198,770 shares of Preferred Stock, KSC Ltd. has
authorized KSCM, its investment advisor, to exercise all voting and dispositive
power over such shares. Because of the relationships between KSC Ltd. and KSCM,
KSCM may be deemed to have shared voting and dispositive power over the 198,770
shares of Preferred Stock owned by KSC Ltd., or 6.63% 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 305,800 shares of Preferred Stock, or 10.19% 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 305,800
shares of Preferred Stock, or 10.19% 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.
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.
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 15, 2003
KING STREET CAPITAL, L.P.
By: King Street Advisors, L.L.C., its general partner
By: /s/ Brian J. Higgins
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Name: Brian J. Higgins
Title: Managing Member
KING STREET CAPITAL, LTD.
By: /s/ Brian J. Higgins
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Name: Brian J. Higgins
Title: Director
KING STREET ADVISORS, L.L.C.
By: /s/ Brian J. Higgins
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Name: Brian J. Higgins
Title: Managing Member
KING STREET CAPITAL MANAGEMENT, L.L.C.
By: /s/ Brian J. Higgins
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Name: Brian J. Higgins
Title: Managing Member
/s/ O. Francis Biondi, Jr.
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O. Francis Biondi, Jr.
/s/ Brian J. Higgins
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Brian J. Higgins