California Governor Gavin Newsom was expected to decide late on Friday whether a...
- California Governor Gavin Newsom was expected to decide late on Friday whether a bankruptcy reorganization plan submitted by PG&E Corp , the state’s largest investor-owned utility company, complies with a recently enacted state wildfire law.
Newsom was expected to make a public statement on the reorganization plan on Friday night, according to a spokesman for the governor, Nathan Click. PG&E filed for Chapter 11 bankruptcy protection in January citing projected civil liabilities in excess of $30 billion from blazes in 2017 and 2018 sparked by its equipment, including a wildfire last year that killed 85 people and destroyed the town of Paradise, ranking as California’s deadliest wildfire on record.
Newsom had floated the idea of a state takeover of the utility if it failed to satisfy his demands, and has insisted that whatever entity emerges from bankruptcy must be “completely transformed” and more accountable. To participate in the fund, PG&E must exit bankruptcy by June 30, putting intense pressure on the utility to resolve its complicated Chapter 11 quickly.
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