In the last few weeks, IBEW 1245 has received numerous messages from concerned members regarding what, if anything, should be done in response to the PG&E Chapter 11 bankruptcy “proof of claim” forms that the Company has sent by mail to our membership and retirees. After consultation with our bankruptcy attorneys, we have the following… [Read More]
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
San Francisco-based PG&E is asking a bankruptcy judge to clear deals with Canadian Solar Inc. unit Recurrent Energy and two energy-storage providers to trim contract prices by at least 10%, saving the utility about $20 million, according to a court filing. PG&E is also asking state regulators to approve the changes.
California’s investor-owned utilities (IOUs) are aiming for the horizon as they continue navigating choppy waters on their financial journey through the current wildfire crisis, say executives, whose companies agreed last week to contribute to the state’s new wildfire insurance fund.
IBEW Local 1245, which represents about half of the PG&E workforce, opposes the idea of San Francisco taking over PG&E infrastructure. Tom Dalzell, the union’s business manager, said his group worries about the negative impact a public power expansion could have on employee pensions. “And when you work for PG&E, you also have the ability… [Read More]
The fund was a crucial part of legislation that California lawmakers rushed to pass earlier this month as the state heads into yet another wildfire season. Without it, utilities owned by both Edison and Sempra were facing junk ratings and PG&E faced the threat of more liabilities on top of the estimated $30 billion that… [Read More]
A U.S. Bankruptcy Court judge on Wednesday delayed consideration of a bid to end Pacific Gas & Electric’s (PG&E) period of exclusivity, when only the company is able submit a reorganization plan, and instead set a hearing for Aug. 13 on the bondholders’ motion.
“The Official Committee respectfully requests that the Court grant the Motion to permit the Ad Hoc Committee to proceed with formulating, negotiating, filing and otherwise prosecuting a reorganization plan substantially on the terms set forth in the Term Sheet and grant such other relief as may be appropriate based upon the Official Committee’s recommendations set… [Read More]
What had been a quiet tug-of-war turned into a hostile takeover battle late Wednesday. PG&E’s major bondholders, in a filing in U.S. Bankruptcy Court, said they’re seeking to buy 85 percent of the utility’s stock for $19 billion. The effort is part of a larger reorganization proposal that would include paying billions to victims of… [Read More]
Gov. Gavin Newsom and the Legislature deserve kudos for enacting a hopefully good — if not perfect — law last week aimed at propping up private electric utilities and saving them from going belly up in the next devastating wildfire.