Crippled California power company PG&E Corp <PCG.N> reported a rise in quarterly losses on Friday and forecast more costs related to the 2017 and 2018 wildfires that have forced it to file for bankruptcy and seek new public and private financial support.
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
Pacific Gas and Electric (PG&E) and its parent company PG&E Corporation revealed some of the actions they will take to restructure in a bankruptcy court filing Tuesday, including paying all of its court-approved pre-bankruptcy claims through “cash raised from existing equity bond holders” and “equity financed securitized bonds.”
PG&E, the venerable but troubled Californian utility, may face tens of billions of dollars of liabilities from the deadly wildfires that have swept California in recent years. Yet, somehow, the company could end up being more valuable than ever as demand grows for electricity from the US state. Much will depend on how the company’s… [Read More]
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]