PG&E Corp. has once again pushed back its deadline to nominate candidates for its board of directors, further prolonging efforts to bring in new leadership after Gov. Gavin Newsom intensely criticized the company’s plans.
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
Picker said he is concerned PG&E may select board members more concerned with financial performance than correcting a safety record that’s seen the PG&E’s equipment ignite multiple deadly wildfires in recent years.
In a letter to PG&E Interim CEO John Simon, Newsom writes: “I am troubled to learn that PG&E is primed to reconstitute its board with hedge fund financiers, out-of-state executives and others with little or no experience in California and inadequate expertise in utility operations, regulation and safety. “
Some of the biggest players in distressed debt are proposing a $35 billion plan that would allow California utility giant PG&E Corp. to emerge from bankruptcy within a year, according to people familiar with the matter.
Activist investor Jeff Ubben criticized PG&E Corp. for postponing its deadline for nominating board members for a fifth time as the bankrupt utility-owner negotiates with competing shareholder groups.
The PG&E bankruptcy is shaping up to be one of the biggest, lengthiest and most complex bankruptcy cases to ever pass through the American court system. And while much of the fate of the company rests in the hands of the judge and U.S. Trustees assigned to oversee the case, there are countless other power… [Read More]
Morgan Stanley says its investor clients are becoming too optimistic about the outlook for PG&E , the California utility currently managing its wildfire costs in bankruptcy court.
A group of investors including Knighthead Capital Management LLC, Redwood Capital Management and Abrams Capital Management have formed to press bankrupt utility giant PG&E Corp. for a management overhaul.
On Thursday, Mayor London Breed and City Attorney Dennis Herrera sent a letter to PG&E’s interim CEO and its chief financial officer regarding San Francisco’s efforts to study the prospect of buying the company’s electric distribution assets serving the city.