Pacific Gas & Electric will emerge from bankruptcy April 12 if the effective date of the plan of reorganization filed late last week is approved by a federal court. After that, potential claimants cannot pursue the utility. ?All those efforts will lead to the most important condition, the consummation of the sale of the new money notes, which will provide necessary funds for satisfying claims and implementing the provisions of the plan,? wrote PG&E attorneys. Early response from the financial community is favorable for PG&E?s timing of new debt issuance, expected next week. According to reports, PG&E?s planned $6.7 billion bond deal will be the largest ever issued by a utility. Standard & Poor?s is rating them <i>BBB</i>. Moody?s upgraded the company?s credit rating to investment-grade level at <i>Baa3</i>, saying that the utility?s outlook is stable. The bond issue was well received, according to financial reports.