The Latest: California gets time on bids to reorganize PG&E

By Associated Press 25 July 2019, 12:00AM

SAN FRANCISCO (AP) — The Latest on Pacific Gas & Electric's bankruptcy (all times local):

1:10 p.m.

A federal judge has granted a two-week period for California officials to develop a way to evaluate competing bids to restructure Pacific Gas & Electric and pull it out of bankruptcy.

Gov. Gavin Newsom's administration and state regulators requested the time Wednesday to work with PG&E Corp. and two groups of investors who want to take over the troubled utility.

PG&E filed for bankruptcy amid an estimated $30 billion in liabilities from recent wildfires its equipment may have ignited.

A group of insurers and a group of PG&E bondholders are seeking to end the company's sole right to file a reorganization plan, asserting they have a better proposal.

State officials said they want to see the best plan for California ratepayers and keep PG&E on track to resolve its bankruptcy case by next June.

___

12 a.m.

Insurance companies that say Pacific Gas & Electric owes them more than $20 billion from wildfire claims want to take over the California utility and pull it out of bankruptcy.

The insurers filed court documents Tuesday to end PG&E's exclusive right to file a reorganization plan.

They want the right to submit their own plan to wildfire victims and other PG&E creditors.

Their request came ahead of a Wednesday hearing when a bankruptcy judge is expected to consider a request by PG&E bondholders who want to submit a restructuring plan.

PG&E filed for bankruptcy in January to deal with an estimated $30 billion in liabilities from wildfires its equipment may have ignited in 2017 and 2018, including the wildfire in the Northern California town of Paradise and killed 85 people.

By Associated Press 25 July 2019, 12:00AM

Trending Stories

Samoa Observer

Upgrade to Premium

Subscribe to
Samoa Observer Online

Enjoy unlimited access to all our articles on any device + free trial to e-Edition. You can cancel anytime.

>