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Governor calls for discussion of PG&E bankruptcy

Newsom wants restructure ready by 2020 fire season

SACRAMENTO, Calif. - California Governor Gavin Newsom wants to speed up Pacific Gas & Electric's bankruptcy case so the company can be restructured in time for next year's wildfire season.

Newson announced Friday he'll hold a meeting next week between wildfire victims and PG&E executives, as well as the utility's shareholders, and creditors.  The goal is to find a "consensual resolution" to the company's bankruptcy case.

Shareholders and creditors are currently battling for control of the company. They have competing visions of how the utility should be run in the wake of bankruptcy. 

PG&E filed for bankruptcy earlier this year after a pair of deadly wildfires. One wiped out the entire town of Paradise, California.  The utility agree to pay an $11-billion settlement to cover insurance claims associated with the fire.

PG&E now faces as much as $30-billion in potential damages from recent fires sparked by its equipment.

 


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