Pacific Gas and Electric Co.’s recent progress with its bankruptcy case appears to have blocked Sen. Scott Wiener’s legislative push for a government takeover of the company — at least for now. Wiener, D-San Francisco, told The Chronicle that his bill, SB917, probably will not move forward this year largely because of a recent deal that resolves a… [Read More]
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
Like a lot of Paradise residents who lost their homes in the Camp Fire, Michael Zuccolillo is furious at PG&E Corp. and isn’t thrilled about the utility’s plan for paying wildfire victims to get out of bankruptcy. But in a world suddenly consumed with economic uncertainty caused by the coronavirus pandemic, he isn’t sure he and his… [Read More]
Victims of wildfires caused by PG&E Corp. are seeking to upend its deal to exit bankruptcy. Two members of the claimants’ committee that represents fire victims in the giant California utility’s chapter 11 case resigned late last month and said they would campaign to defeat the exit plan.
Victims of wildfires blamed on PG&E’s equipment are concerned the sell-off on Wall Street could hobble stock payments that make up half of a $13.5 billion settlement over claims from the blazes, said Robert Julian, an attorney for the victims.
This morning, PG&E and the Butte County District Attorney announced that PG&E had been indicted on multiple counts of involuntary manslaughter as a result of the 2018 Camp Fire, that PG&E had entered a guilty plea to the charges, and that PG&E had agreed to the maximum penalty, which amounts to approximately $4 million. While… [Read More]
California Gov. Gavin Newsom on Friday dropped his opposition to PG&E Corp.’s plan to emerge from bankruptcy protection after striking a deal requiring certain concessions from the company.
The biggest utility bankruptcy in U.S. history appears to be drawing to a close after PG&E Corp. reached a deal with California Governor Gavin Newsom over the company’s restructuring plan. The agreement calls for PG&E to put itself up for sale if the bankruptcy court doesn’t approve its plan by June 30 or if the… [Read More]
The troubled California utility is agreeing to limit payouts to shareholders to satisfy Gov. Gavin Newsom in its effort to emerge from bankruptcy and qualify for a state wildfire fund.
PG&E Corp. and Gov. Gavin Newsom have made a deal on overhauling PG&E’s operations, removing one of the last remaining obstacles to the utility’s efforts to exit bankruptcy. Newsom’s office announced Friday that PG&E will commit billions of dollars in additional spending to prevent wildfires, meeting one of his critical demands.
PG&E Corp. won bankruptcy court approval to use up to $23 billion in financing after California Governor Gavin Newsom dropped his opposition, clearing a crucial obstacle to the power company’s push to exit Chapter 11.