Gov. Gavin Newsom rejected PG&E's plan to exit bankruptcy on Friday.
Gov. Gavin Newsom on Friday rejected Pacific Gas & Electric’s proposal to pull itself out of bankruptcy, saying its reorganization plan falls “woefully short” of requirements set under state law.
“In my judgment, the amended plan and the restructuring transactions do not result in a reorganized company positioned to provide safe, reliable, and affordable service to its customers, as required by AB 1054,” Newsom wrote in a letter to PG&E. “The state remains focused on meeting the needs of Californians including fair treatment of victims – not on which Wall Street financial interests fund an exit from bankruptcy.
The request for the governor’s blessing forced Newsom to take a public position on the company’s reorganization long before state regulators perform an extensive review and must formally sign off on the PG&E proposal next year. Rejecting the plan could risk delaying the bankruptcy process, said Jared Ellias, a bankruptcy law professor at UC Hastings.
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