Environmental & Energy,
Bankruptcy
Jan. 24, 2020
Governor nixes deal, threatens state takeover of PG&E
Despite "clear guidance" from his office, Gov. Gavin Newsom argued PG&E has "yet to make a single modification" to its plan to remedy "its many deficiencies," according to court documents.
Gov. Gavin Newsom has threatened a state takeover of the Pacific Gas & Electric Co. after the utility submitted a new restructuring plan he maintains is not in the public interest.
PG&E's deal with a group of bondholders clears a major hurdle in its bankruptcy by eliminating the only competing reorganization plan, but Newsom again urged the court to hold off on approving PG&E's proposal for it to emerge from bankruptcy....
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