california 6 13 executive summary cpuc rules socal must pay 15 debt qfs approximately 50 million ruling heightens likelihood voluntary bankruptcy filing socal voluntary filing heightened successful ring fencing eix parent bankruptcy judge firm support qfs report 1 socal loses cpuc ruling retains appeal option may seen bloomberg reported cpuc voted 5 0 force socal make 15 payments owed alternative energy producers california cpuc rules allow 30 days appeal rulings leaving window open socal buy time 2 voluntary filing regard socal bankruptcy filing key socal board feels progress rather deadlines creditors words sources believe voluntary filing likely involuntary filing continuing lack progress bailout increase number liens filed socal likely make socal board want file bankrutpcy voluntarily recent ring fencing edison international reflects need pay cross default risk cut ties bank facility parent company lines credit helds socal outself necessarily signal imminent filing 3 involuntary sources indicate unsecured financial creditors considering filing socal financial creditors believe would still worse bankruptcy sources report creditor discussions talk debt holders paid people talked screwing generators everyone else debt holders source commented qfs unlikely file socal fairly good contracts place also receive high capacity fees summer fees vary seasonally distinct generating fees capacity fees calculated rolling 4 year basis calculated next year qfs want summer included recalculation incentivizing keep contracts place 4 montali supporting qfs judge montali recent rulings sending signal concerned qfs sensitive hardships trying help rulings example long qfs remain line petition receive additional payments pg e 4 month period payments equal 20 qfs pre petition claims provides qfs incentive remain connected pg e 5 ge looking restructure generating capacity financing general electric reportedly deeply concerned stability financing generating capacity us ge 70 gas turbine market ge reportedly trying keep margins raising prices due concerns instability sources believe significant percentage generating capacity financing restrucured five years