Bankruptcy Judge Dennis Montali on Friday rejected motions to terminate Pacific Gas & Electric’s (PG&E) period of exclusivity, meaning the utility’s plan of reorganization will be considered ahead of creditors’ competing proposals. Separately, Montali ruled victims of the 2017 Tubbs fire will be allowed to sue PG&E, despite a determination by the California Department of… [Read More]
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
PG&E fights for control of its future, access to new wildfire fund (via UtilityDive)
Pacific Gas & Electric (PG&E) will file a reorganization plan by Sept. 9, pledging “rate neutrality” for its 16 million customers, and this week asked a bankruptcy judge to reject requests from its creditors that they too be allowed to propose financial recovery strategies for the embattled utility.
Hedge Funds Have $500 Million Riding on PG&E Paying Bills (via Bloomberg)
Bankrupt utility giant PG&E Corp. owes a lot of money to a lot of businesses. A tree-trimming service. A California car dealership. A laundromat. Construction contractors galore. Now, hedge funds including Olympus Peak Asset Management LP and Whitebox Advisors LLC are buying up claims vendors have filed against PG&E, aiming to cash in.
An Important Message to Members and Retirees Regarding Cohen Milstein “Investigation” Into PG&E Pension Plan
A number of our members have received solicitations from Cohen Milstein, a small law firm by national standards. They are inviting our members to join an “investigation” of the PG&E pension plan. Cohen Milstein has no relationship with IBEW Local 1245 and we do not sanction their conduct. As far as we can tell, Cohen… [Read More]
Analysis- PG&E Corp. Exclusivity Coming Down to the Wire (via Bank of America/Merrill Lynch)
Ahead of PG&E exclusivity hearings today, hearings last Friday held open possibility of re-opening to expedite process.
PG&E Names Ex-AGL CEO Andrew Vesey to Lead Its Utility Unit (via Bloomberg)
Vesey will become president and take on the additional title of chief executive officer of Pacific Gas & Electric Co., with more than 5.4 million electric customers and 4.5 million natural gas customers, according to a statement Tuesday. Vesey stepped down as CEO of Australia’s AGL Energy Ltd. in 2018 after a four-year tenure in… [Read More]
PG&E Says It Will File Reorganization Plan in Less Than a Month (via Bloomberg)
The bankrupt utility says in the filing that it has $10.5 billion in equity commitments with more than 20 financial institutions signed up to help fund its recovery plan.
PG&E reports rise in quarterly losses (via Reuters)
Crippled California power company PG&E Corp <PCG.N> reported a rise in quarterly losses on Friday and forecast more costs related to the 2017 and 2018 wildfires that have forced it to file for bankruptcy and seek new public and private financial support.
PG&E provides new details on restructuring plan ahead of bankruptcy hearing (via UtilityDive)
Pacific Gas and Electric (PG&E) and its parent company PG&E Corporation revealed some of the actions they will take to restructure in a bankruptcy court filing Tuesday, including paying all of its court-approved pre-bankruptcy claims through “cash raised from existing equity bond holders” and “equity financed securitized bonds.”
PG&E brawl provides a test case for US bankruptcy process (via Financial Times)
PG&E, the venerable but troubled Californian utility, may face tens of billions of dollars of liabilities from the deadly wildfires that have swept California in recent years. Yet, somehow, the company could end up being more valuable than ever as demand grows for electricity from the US state. Much will depend on how the company’s… [Read More]
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