What had been a quiet tug-of-war turned into a hostile takeover battle late Wednesday. PG&E’s major bondholders, in a filing in U.S. Bankruptcy Court, said they’re seeking to buy 85 percent of the utility’s stock for $19 billion. The effort is part of a larger reorganization proposal that would include paying billions to victims of… [Read More]
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
Gov. Gavin Newsom and the Legislature deserve kudos for enacting a hopefully good — if not perfect — law last week aimed at propping up private electric utilities and saving them from going belly up in the next devastating wildfire.
A group of creditors seeking control of PG&E Corp. have finally disclosed just how much of the utility they’d like to own after it emerges from bankruptcy: Almost all of it.
Over the past six months, PG&E has inspected and repaired hundreds of thousands of miles of power lines, expanded its array of weather stations and fire-watching cameras, begun to step up its tree-trimming program and implemented a more aggressive program to turn off power lines during extreme weather.
Another group of creditors at PG&E Corp. may throw its support behind efforts to end the bankrupt utility’s exclusive right to craft a recovery plan.
Our members work around the clock to deliver clean, safe and reliable gas and electricity to PG&E’s customers. As such, we are uniquely positioned to observe and evaluate the policies and proceedings that stand to impact the utility, its employees, and the millions of residents and businesses they serve.
Today, Gov. Newsom announced that he is tapping Marybel Batjer to succeed Michael Picker as president of the California Public Utilities Commission. Batjer currently serves as secretary of California’s Government Operations Agency (CalGovOps), a role she has held since being appointed by Gov. Brown in 2013. Learn more abour Batjer here. “We are impressed with… [Read More]
The bankrupt utility is pushing lawmakers to introduce the legislation next month to allow PG&E to present its $31 billion restructuring plan by Sept. 26, after which stakeholders will be able to submit competing proposals, said the people, who asked not to be identified because the matter is private.
Today, the California State Assembly passed AB 1054, a critical piece of legislation that will reform and modernize our state’s policies regarding wildfires that involve utility equipment. The vote came just one day after a large group of IBEW 1245 activists – including dozens of organizing stewards, retirees and emergency response team members – descended… [Read More]
California is facing a wildfire crisis of epic proportions, and with the 2019 fire season already upon us, the immediate threat of yet another highly destructive and costly wildfire looms over communities all across the state. Everyone agrees that something must be done to address this crisis, and yet legislators still have not taken definitive… [Read More]