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California Governor to convene meet of PG&E shareholders, executives next week

Stock MarketsNov 01, 2019 10:02PM ET
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© Reuters. FILE PHOTO: PG&E crew work on power lines to repair damage caused by the Camp Fire in Paradise,

(Reuters) - California Governor Gavin Newsom said he will convene a meeting of Pacific Gas and Electric Co executives, shareholders, wildfire victims, and PG&E's other creditors in Sacramento next week to speed up the resolution of the bankruptcy case that creates a new entity.

The new company can only happen "if we first get out of bankruptcy court," Newsom said in a statement on Friday, without elaborating on his plans.

"If the parties fail to reach an agreement quickly to begin this process of transformation, the state will not hesitate to step in and restructure the utility," he added.

The San Francisco-based power producer in January filed for Chapter 11 bankruptcy protection anticipating its liabilities from massive wildfires in 2017 and 2018 blamed on its equipment could top $30 billion.

Earlier in October, Newsom said PG&E should be held accountable for mismanaging widespread power shutoffs, and urged the company to provide credits or rebates to affected customers.

PG&E, which began shutting off power to 940,000 California customers over the past weekend to guard against the risk of an electrical mishap sparking a blaze, said late on Thursday it had restored electricity to virtually all customers.

California Governor to convene meet of PG&E shareholders, executives next week
 

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Comments (3)
Kris GE
Kris GE Nov 02, 2019 1:15AM ET
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Climate change is happening right in front of us:)) I mean business climate change of ruining the company PG&E that has been built for generations. The generation of snowflakes climate change ideologists. They have never really built anything, but they ruin everything in the name of false science, that became just like Medieval or Spanish Inquisitions. They will not stop until everything is in ashes, and of course they will say this is the climate change fault, that is happening just in front of our eyes. INSANITY. Those who fail to learn from history are condemned to repeat it.
Mark Woollums
Mark Woollums Nov 01, 2019 8:45PM ET
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If only California would subject itself to the same civil liability that PGE is subject to. It would be interesting to see what the allocation of fault would be between the two.
Rita Brattkus
Rita Brattkus Nov 01, 2019 6:55PM ET
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Waste of money! Newsom is responsible for the destruction of my state. his only concern is taking care of his illegals.
 
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