PG&E Bankruptcy News

News and updates related to PG&E's 2019 Chapter 11 filing

PG&E delays board nominations after Newsom’s criticism (via SF Chronicle)

April 1, 2019

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’s future rests on board picks, CPUC president says (via Utility Dive)

March 29, 2019

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.

Gov. Newsom: PG&E’s board should include California regulators, safety experts and clean energy leaders

March 28, 2019

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. “

Pimco, Other PG&E Creditors Said to Pitch $35 Billion Plan (via Bloomberg)

March 28, 2019

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 Ubben Criticizes PG&E Board Selection Process (via Bloomberg)

March 21, 2019

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.

IBEW 1245 Members Urge State Lawmakers to Support Workers, Customers During PG&E Bankruptcy

March 21, 2019

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]

Will PG&E Get Help From California? Don’t Count On It. (via Barron’s)

March 19, 2019

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.

Bankruptcy Court has jurisdiction over accepting or rejecting Power Purchase Agreements, District Court rules

March 19, 2019

Hedge Funds Unite to Press Bankrupt PG&E for Management Overhaul (via Bloomberg)

March 19, 2019

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.

San Francisco mayor to PG&E: We may make you an offer (via SF Chronicle)

March 19, 2019

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.