Pacific Gas & Electric (PG&E) has lined up $34.4 billion in debt financing to support its reorganization plan, the company told the U.S. Bankruptcy Court for the Northern District of California on Friday.
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
PG&E said its equipment may have caused nine wildfires, each covering at least 10 acres, as of Sept. 17, according to a report submitted Tuesday to a San Francisco federal judge. That’s down from 19 fires of comparable size for the same period a year ago, according to data filed with the California Public Utilities Commission.
The California Public Utilities Commission on Thursday launched a formal proceeding to consider the “ratemaking and other implications” of Pacific Gas & Electric’s proposed plan of reorganization.
PG&E’s largest union is staunchly opposed and has worked publicly and privately to undermine San Francisco’s efforts. The powerful organized labor group, which represents 12,000 PG&E employees, has created a website, sfprioritycheck.com, that criticizes the notion of San Francisco forming the state’s third-largest government-owned electric utility.
The California Public Utilities Commission issued a proposed decision Monday that would authorize the state’s investor-owned utilities to collect $902.4 million annually for a wildfire mitigation fund authorized by state lawmakers this summer.
Tom Dalzell, business manager of International Brotherhood of Electrical Workers Local 1245, said the union supports terminating exclusivity and generally favors the bondholders’ plan for the protections it offers union members and the structure of the company. The union had negotiated with the bondholders to ensure retirement benefits are paid in full under the reorganization… [Read More]
Yesterday afternoon, the bondholders group and the official committee representing the fire victims in PG&E’s bankruptcy case announced they had reached a deal. They filed a joint motion with the bankruptcy court to (1) terminate PG&E’s exclusive right to file a reorganization plan and (2) file their own plan of reorganization. Their plan appears to… [Read More]
In a jolt to PG&E Corp., a group representing wildfire victims Thursday teamed with up a consortium of Wall Street hedge funds trying to execute a hostile takeover of the utility.
Bondholders are taking another run at PG&E Corp. , forming an alliance with victims of the wildfires that swept through California in 2017 and 2018 to chart a path out of bankruptcy for the state’s largest utility.
According to Tom Dalzell, a union lawyer and Local 1245’s business manager, the change in ownership would diminish workers’ pension plans. PG&E union agreements require 30 years of service and 55 years of age to receive a full pension, and most employees would likely remain with PG&E rather than work for the city and take… [Read More]