PG&E Bankruptcy News

Final certification isn’t until May 22. But preliminary voting results show a strong majority in favor of PG&E Corp’s (PCG) restructuring plan, allowing the California utility to exit the bankruptcy it entered in January 2019. The “in favor” column apparently includes victims of the 2018 Camp Fire. Under the state’s doctrine of “inverse condemnation,” PG&E is insurer… [Read More]

PG&E Corp. said Monday it believes thousands of Northern California wildfire victims have approved the utility’s $13.5 billion payout plan, clearing the way for PG&E to emerge from bankruptcy. In a prepared statement, the company said that, based on preliminary results, the plan has won “overwhelming acceptance” from the approximately 70,000 victims who were eligible to vote…. [Read More]

A 2017 wildfire survivor sought to persuade PG&E Corp.’s bankruptcy judge on Tuesday to make a key attorney in the case provide a better disclosure about his ties to Wall Street financiers. San Antonio lawyer Mikal Watts, who represents thousands of fire victims, has admitted that two financial firms connected to the PG&E bankruptcy also had… [Read More]

PG&E was slapped with a nearly $2 billion penalty on Thursday for its role in causing several fatal Northern California infernos in 2017 and 2018, the largest financial punishment ever imposed on an American utility. The state Public Utilities Commission voted unanimously to impose a $1.97 billion penalty on the utility,  exceeding the $1.6 billion… [Read More]

PG&E filed a plan supplement that includes their schedules of assumed and rejected contracts. They confirm in the body of the contract assumption notice that they are assuming all collective bargaining agreements (CBAs). They then list out a number of agreements with the IBEW. Our concern is that they do not include any amount for… [Read More]

Pacific Gas & Electric (PG&E) could face a loss of more than $600 million related to the Kincade Fire, which occurred in Northern California’s Sonoma region after the utility had filed for Chapter 11 bankruptcy, it announced in its quarterly filing with the U.S. Securities and Exchange Commission Friday. The utility also filed an application with the California… [Read More]

A potential conflict of interest on the part of a lawyer representing PG&E fire victims is prompting questions about the integrity of an ongoing vote by fire survivors on their multi-billion-dollar compensation deal with the utility. The concerns stem from revelations into how Texas-based lawyer Mikal Watts, who represents more PG&E fire victims than any… [Read More]

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