Members who own PG&E shares may have received a package and ballot concerning PG&E’s plan for reorganization in bankruptcy. We believe that the plan is well-balanced and good for our members. We encourage our members who are sent a ballot to vote ‘yes’ and return the ballot. If you have any questions, you may send… [Read More]
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
PG&E CEO Bill Johnson announces retirement when utility resolves bankruptcy case (via KTVU Channel 2)
PG&E Corporation announced on Wednesday that its chief executive officer and president, William D. “Bill” Johnson, has decided to retire from the company. His retirement will become effective on June 30, which is expected to be after the company’s reorganization plan confirmed by the bankruptcy court.
A PG&E bankruptcy timeline: The road to Chapter 11 and beyond (via UtilityDive)
Pacific Gas & Electric (PG&E) is in the midst of its second bankruptcy. While the first proceeding in 2001 stemmed from California’s energy crisis, the current stems from the utility’s role in recent wildfires and its resulting liabilities. PG&E initially expected the proceeding to last two years. However, in order to qualify for the state’s… [Read More]
CPUC proposes approving PG&E’s bankruptcy plan, with a vote scheduled for May (via UtilityDive)
A California Public Utilities Commission (CPUC) administrative law judge issued a proposed decision Monday that would approve Pacific Gas & Electric’s (PG&E) bankruptcy reorganization plan, paving the way for the utility to exit Chapter 11 bankruptcy by June 30. A separate proposal from CPUC Commissioner Clifford Rechtschaffen, issued the same day, would also require PG&E to pay penalties… [Read More]
PG&E Victims Lawyers’ Squabble Could Slow Bankruptcy Exit (via Bloomberg)
PG&E Corp.’s glide toward approval of its bankruptcy plan has hit new turbulence, with lawyers for fire victims clashing over whether to push for a better settlement because the risk of being compensated with stock has ballooned. Attorneys for the official committee of fire victims in PG&E’s bankruptcy want the power company to guarantee the… [Read More]
Another member of fire panel resigns, criticizes PG&E plan (via Associated Press)
Scott Wiener’s PG&E takeover bill likely won’t advance this year (via SF Chronicle)
Pacific Gas and Electric Co.’s recent progress with its bankruptcy case appears to have blocked Sen. Scott Wiener’s legislative push for a government takeover of the company — at least for now. Wiener, D-San Francisco, told The Chronicle that his bill, SB917, probably will not move forward this year largely because of a recent deal that resolves a… [Read More]
Coronavirus complicates PG&E bankruptcy plan for CA victims (via Sacramento Bee)
Like a lot of Paradise residents who lost their homes in the Camp Fire, Michael Zuccolillo is furious at PG&E Corp. and isn’t thrilled about the utility’s plan for paying wildfire victims to get out of bankruptcy. But in a world suddenly consumed with economic uncertainty caused by the coronavirus pandemic, he isn’t sure he and his… [Read More]
PG&E Fire Victims Agitate Against Deal to Exit Bankruptcy (via Wall Street Journal)
Victims of wildfires caused by PG&E Corp. are seeking to upend its deal to exit bankruptcy. Two members of the claimants’ committee that represents fire victims in the giant California utility’s chapter 11 case resigned late last month and said they would campaign to defeat the exit plan.
PG&E Fire Victims Warn Market Turmoil Endangers Settlement (via Bloomberg)
Victims of wildfires blamed on PG&E’s equipment are concerned the sell-off on Wall Street could hobble stock payments that make up half of a $13.5 billion settlement over claims from the blazes, said Robert Julian, an attorney for the victims.
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