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 California regulator approves PG&E's Chapter 11 reorganization plan

Added 05-28-20 10:04:02pm EST - “The regulatory approval came hours after a federal judge blasted the company for engaging in behavior that he believed is endangering lives.” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “ California regulator approves PG&E's Chapter 11 reorganization plan”. Below is an excerpt from the article.

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(Reuters) - PG&E Corp said on Thursday its Chapter 11 reorganization plan has been confirmed by a California power regulator, bringing the power provider one step closer to emerge from bankruptcy and participate in a state-backed wildfire fund.

The decision by the California Public Utilities Commission (CPUC) also approved the company's request to issue new debt and securities to finance its exit from bankruptcy, PG&E said in a statement.

The San Francisco-based utility had filed for Chapter 11 bankruptcy protection in January last year, citing potential liabilities exceeding $30 billion from major wildfires sparked by its equipment in 2017 and 2018. The company needs to exit bankruptcy by June 30 to participate in a state-backed wildfire fund that would help reduce the threat to utilities from wildfires.

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