Another group of creditors at PG&E Corp. may throw its support behind efforts to end the bankrupt utility’s exclusive right to craft a recovery plan.
Our members work around the clock to deliver clean, safe and reliable gas and electricity to PG&E’s customers. As such, we are uniquely positioned to observe and evaluate the policies and proceedings that stand to impact the utility, its employees, and the millions of residents and businesses they serve.
The bankrupt utility is pushing lawmakers to introduce the legislation next month to allow PG&E to present its $31 billion restructuring plan by Sept. 26, after which stakeholders will be able to submit competing proposals, said the people, who asked not to be identified because the matter is private.
The union has received a number of inquiries from IBEW 1245 members and retirees who are concerned that their PG&E stock in company retirement accounts could be diluted under the recently proposed bondholder reorganization plan. According to the court filing, “All PG&E Corp. common stock currently held by employees and retirees in pension accounts, 401(k)… [Read More]
PG&E Corp. is floating a plan in the California Legislature to repay victims of the 2017 and 2018 wildfires by having the state issue billions of dollars in new bonds. The bankrupt utility’s shareholders would repay the bond out of future profits, a source familiar with PG&E’s plan said Tuesday.
Five months in, and with the most acute period of California’s wildfire season beginning, the question is how to get PG&E out of court as quickly as possible.
In response to the news that broke today regarding a PG&E restructuring plan being proposed by an ad-hoc committee of lenders, IBEW 1245 Business Manager Tom Dalzell issued the following statement: “We will give serious consideration to any restructuring plan that improves safety, compensates fire victims, continues the transition to a green economy and protects… [Read More]
PG&E Corp.’s key lenders offered a $30 billion plan Tuesday to compensate wildfire victims, pull the utility out of bankruptcy — and give the tarnished company a new name.
An ad hoc committee of unsecured lenders filed a motion to terminate the period of exclusivity that PG&E has to file a plan for emerging from Chapter 11, according to a court filing Tuesday. That period ends on Sept 26. While it is in effect nobody else can submit a reorganization plan.