PG&E Bankruptcy News

After negotiations with the company, IBEW 1245 and PG&E have reached a deal that we believe will provide much-needed stability for our members through 2025. This four-year agreement that follows our two-year contract extension contains notable improvements to wages with no concessions. The end result is that our members will be coming out of the… [Read More]

PG&E Corp. is nearing a deal with a group of bondholders led by Pacific Investment Management Co. and Elliott Management Corp. that would entitle them to a mix of equity and new debt if they scrap their rival restructuring plan, people familiar with the matter said.

The Federal Emergency Management Agency wants reimbursement from PG&E to cover costs from the government’s response to fires in 2015, 2017 and 2018. Under PG&E’s current plan to resolve its bankruptcy, any payment to FEMA would have to come from the $13.5 billion the company intends to reserve primarily to settle claims from fire victims.

The record $1.675 billion penalty PG&E Corp. has agreed to pay for the deadly 2017 and 2018 wildfires could generate a big tax deduction for the beleaguered California utility. A hearing officer at the California Public Utilities Commission has told PG&E to spell out how much of the penalty it believes it can deduct from its federal… [Read More]

Knighthead seized on a distressed-asset opportunity of a different kind with its PG&E play. The fund made a big bet on the comeback of PG&E following the biggest utility bankruptcy in American history. Whether that wager pays off is now mostly in the hands of California’s Democratic governor, but if Wagner and Co. are able to… [Read More]

Judge Dennis Montali of the U.S. Bankruptcy Court in San Francisco on Tuesday ruled that the bondholders are owed the federal rate of 2.59%, a decision expected to reduce the company’s interest burden by about $550 million when it exits bankruptcy.

Suggestions from industry executive, regulators and experts for ways the giant utility can safely keep the lights on

The utility’s bondholders told Newsom late Friday they’ll meet his demands for overhauling the troubled utility — demands that PG&E itself, struggling to exit bankruptcy, haven’t met so far. In a 17-page letter to Newsom, the bondholders promised to create a “resilient, reliable and reimagined PG&E.”

While PG&E may be the first climate bankruptcy, it will likely not be the last, according to a report by Columbia University’s Center on Global Energy Policy. “Wildfires alone could become up to 900 percent more destructive in certain regions by midcentury, and utility assets will also be increasingly exposed to threats stemming from hurricanes,… [Read More]