Nearly a year and a half after collapsing under $30 billion in liabilities from wildfires sparked by its equipment, PG&E Corp. has emerged from the biggest utility bankruptcy in U.S. history. The California power giant said in a statement Wednesday that it had successfully completed its restructuring and exited Chapter 11.
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
Effective Tuesday, Johnson will retire, handing control of California’s largest utility to a successor who also faces a new set of problems. The task of the next top executive, Bill Smith, is to keep the company stable while beginning to steer it away from its catastrophic past.
Pacific Gas & Electric (PG&E) parent company PG&E Corp. has launched public offerings of its common stock and equity units, seeking $4 billion and around $1.23 billion of gross proceeds, respectively, to partially fund its exit from bankruptcy, the company announced Monday The announcement comes two days after Bankruptcy Judge Dennis Montali confirmed PG&E’s Chapter 11… [Read More]
Today Judge Dennis Montali of the United States Bankruptcy Court confirmed the PG&E Plan of Reorganization (POR). This is a major step in the bankruptcy process. What this means to our membership is the POR is now approved by the court and the plan terms will be in effect as of the plan Effective Date. … [Read More]
The decision sets PG&E on track to resolve billions of dollars in liabilities from wildfires it caused in Northern California and emerge from bankruptcy. But the guilty pleas, which were part of a settlement with the Butte County district attorney’s office, could have a slew of implications for the company and state, including affecting its… [Read More]
California utility PG&E Corp (PCG.N) is preparing an $11 billion debt-financing package as it prepares to exit from its bankruptcy, an investor involved with the company’s funding plan said on Friday, sending its shares up more than 12%.
The California Public Utilities Commission, whose approval is needed when utilities’ bankruptcy reorganization plans will require ratepayer funds, voted 5 to 0 in favor of PG&E’s proposal. The bankruptcy court’s approval is also required to wrap up the case. PG&E sought bankruptcy protection in January 2019 after it amassed $30 billion in liabilities related to wildfires caused… [Read More]
PG&E would be replaced by a non-profit company called Golden State Energy if the disgraced utility operates unsafely and causes more catastrophes such as wildfires or explosions, under the provisions of a proposed state bill to be debated before a legislative panel Thursday. The legislation, SB 350, is wending its way through the state Legislature… [Read More]
PG&E Corp. is getting support from the U.S. Justice Department in its request to hold off on implementing stricter and potentially costly safety measures until they’re fully evaluated. U.S. District Judge William Alsup had ordered PG&E to hire, on its own payroll, an in-house team to spot-check the work of contractors who trim vegetation at risk… [Read More]
California power regulators unexpectedly delayed a key vote Thursday on Pacific Gas & Electric’s plan for getting out of bankruptcy after saying one of the utility’s most outspoken critics sent an improper email attacking the company’s proposal to pay wildfire victims. California Public Utilities Commission President Marybel Batjer was irked by the need to postpone… [Read More]