IBEW 1245 Business Manager Tom Dalzell issued the following statement in response to San Francisco’s offer to buy the electric grid in the City from PG&E: “IBEW 1245 opposes the proposed takeover of PG&E electric system by the City and County of San Francisco because it hurts both the residents of San Francisco, as well… [Read More]
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
Another potential barrier is pushback from the union representing PG&E workers, IBEW Local 1245. The city has offered to hire people who worked for PG&E in San Francisco if the deal goes through, which the union said would hurt their pensions.
PG&E had touted AB 235 as the quickest and fairest way to pay billions in claims to victims of the 2017 and 2018 wildfires, which drive the utility into bankruptcy in January. The bill would have had the state issue tax-exempt, low-interest bonds on PG&E’s behalf to pay the claims.
Bankrupt Pacific Gas & Electric is preparing to file a plan of reorganization with a federal bankruptcy court that will include $14 billion in equity commitments, Bloomberg reported Thursday, based on a draft term sheet the news outlet obtained.
Two judges will oversee separate court fights that will decide how much the California utility owes wildfire victims, U.S. Bankruptcy Judge Dennis Montali said in court Aug. 27.
The 16 million people served by Pacific Gas and Electric Co. will not pay more money as a direct result of the utility’s plan to resolve its bankruptcy case, company leaders say.
PG&E bondholders seeking to get a deal on the company’s stock are raising concerns about the CEO’s pay structure, warning Bill Johnson could earn up to $110 million if the company’s share prices return to their 2017 peak.
PG&E Corp. CEO Bill Johnson personally urged state lawmakers Wednesday to let the company take on billions of dollars in new debt to help pay victims of catastrophic wildfires caused by its power lines.
Bankruptcy Judge Dennis Montali on Friday rejected motions to terminate Pacific Gas & Electric’s (PG&E) period of exclusivity, meaning the utility’s plan of reorganization will be considered ahead of creditors’ competing proposals. Separately, Montali ruled victims of the 2017 Tubbs fire will be allowed to sue PG&E, despite a determination by the California Department of… [Read More]
Pacific Gas & Electric (PG&E) will file a reorganization plan by Sept. 9, pledging “rate neutrality” for its 16 million customers, and this week asked a bankruptcy judge to reject requests from its creditors that they too be allowed to propose financial recovery strategies for the embattled utility.