Creditors Group Offers All-Cash Deal in New Proposal to PG&E Victims
In an attempt to salvage their bid to take control of PG&E, a group of creditors led by Elliott Management Corporation (Elliott) and Pacific Investment Management Company (PIMCO) said late Friday that they would commit to addressing Governor Newsom’s concerns with PG&E, including the formation of a new board and making provisions for the option of a state takeover.
Newsom Reaffirms Opposition to PG&E Plan; Court Ignores Governor’s Views
Following his letter from last week, Governor Newsom on Monday submitted a filing before U.S. Bankruptcy Court Judge Dennis Montali in which he said that PG&E’s reorganization ignored his concerns and offered a restructuring plan that is, “more about creating an illusion of momentum,” than a true reorganization plan.
Newsom Rejects $13.5 Billion Wildfire Settlement
In a surprise move late Friday, Governor Newsom rejected PG&E’s plan to pay Northern California wildfire victims and exit bankruptcy.
Newsom Meets with Mayors to Explore Turning PG&E into a Co-Op
Governor Newsom reiterated this week that he wants to speed up the PG&E bankruptcy case so the company can be restructured in time for next year's wildfire season.
Governor Newsom Critical of PG&E and Feeling Pressure, Calls on Warren Buffet to Take Over
Under increasing pressure, Governor Newsom suggested Saturday that Warren Buffett’s Berkshire Hathaway should make a takeover bid for PG&E.
Governor/PG&E: While Critical of PG&E, Newsom Didn’t Say ‘No’ to Political Contributions
While Governor Newsom has been critical of PG&E, he has remained quiet about how much he took from them in political contributions.
Governor Newsom Tells IOUs to ‘Try Harder’ on the Fires
Governor Newsom has issued another scathing rebuke to the investor-owned utilities (IOUs) over the Public Safety Power Shutoffs.
PSPS Politically Messy for Newsom
Governor Newsom was stuck between a rock and a hard place this week with Public Safety Power Shutoffs (PSPS) impacting all three major utilities.
Court/PG&E: Alternative Plans for Utility Bankruptcy Up for Consideration
As it was dealing with the Public Safety Power Shutoffs, PG&E suffered a huge setback in bankruptcy court today.
Tubbs Fire Trial Set for January 2020
San Francisco Superior Court Judge Teri Jackson said this week that the upcoming trial regarding PG&E’s role in the 2017 Tubbs Fire is set to last eight weeks and will likely have one jury weighing all the issues involved in the proceedings.
PG&E Files for Bankruptcy for Second time in 18 Years
PG&E filed for bankruptcy for the second time in 18 years this week (1/29). The company’s filing came on the heels of the devastating wildfires that ravaged the utility’s service territory in 2017 and 2018 and which they are now accused of causing.