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 Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
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.
Gov. Gavin Newsom proposed creating a $21 billion fund to pay for future wildfire costs Friday, with the costs split evenly between ratepayers and shareholders of PG&E Corp. and California’s two other major utilities.
The proposal, negotiated with the help of a mediator, includes $270 million for the town of Paradise, $252 million for Butte County, and $47.5 million for Paradise Recreation and Parks District.
Midway through 2019, California lacks a comprehensive plan to deal with the growing threat.
California’s crusade to turn its electricity grid green is running into an increasingly serious obstacle: PG&E Corp.’s bankruptcy.
PG&E Corp. has spoken to lawmakers about putting together a pool of capital worth about $11 billion to settle claims related to wildfires blamed on the bankrupt California utility, according to people familiar with the matter.
A group of PG&E Corp. creditors could preempt the embattled California utility’s own attempt to claw its way out of bankruptcy by presenting a restructuring plan that could be worth at least $45 billion, according to people familiar with the matter.