In the last couple months, 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 current employees and retirees, among others. After consultation with our bankruptcy attorneys, we have… [Read More]
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
The plan it submitted in federal court Monday kicks off the most contentious phase yet of a bankruptcy that’s attracted some of the biggest names in the financial world, including Pacific Investment Management Co. and Elliott Management Corp. Since the company’s collapse — what’s been described as climate change’s largest financial casualty to date —… [Read More]
PG&E Corp. put $16.9 billion on the table to pay wildfire claims Monday as it offered its formal reorganization plan in U.S. Bankruptcy Court.
A takeover would face opposition from PG&E’s unions. Tom Dalzell, business manager of International Brotherhood of Electrical Workers Local 1245, which represents 17,000 PG&E employees and contractors, said his union would oppose the proposed acquisition by San Francisco, and questioned whether the city had the legal right to make this move without a public vote…. [Read More]
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]
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.