Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

California power producer PG&E files amended reorganization plan

Stock Markets Dec 13, 2019 05:25AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Employees of Pacific Gas & Electric work in the aftermath of the Camp Fire in Paradise
 
PCG
-0.51%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Kanishka Singh

(Reuters) - California power producer PG&E Corp (N:PCG) said late on Thursday that it has filed for an amended reorganization plan, adding that it remains on track to getting the plan confirmed before a June 2020 deadline to exit bankruptcy.

The development comes less than a week after the company said it reached a $13.5 billion settlement with victims of some of the most devastating wildfires in California's modern history.

PG&E has settled all major wildfire claims and resolved disputed release provisions between insurance companies and wildfire victims, it said on Thursday.

The company also said its plan can be fully funded through its capital structure, including the $12 billion equity backstop commitments that PG&E received last week.

The acceptance or rejection of the plan may not be obtained until the approval of a disclosure statement by the bankruptcy court, PG&E's attorneys said in a court filing on Thursday.

On Thursday consumer advocate Erin Brockovich voiced support for the company's reorganization plan. She is known for having fought PG&E in court over water contamination, a case depicted in an Academy Award-winning film starring Julia Roberts.

"This approach will also enable the company to continue to help meet the state's climate and clean energy goals," Brockovich said, adding that the plan was compensating the victims fairly.

The utility had previously reached a $1 billion settlement with cities, counties and other public entities and an $11 billion agreement with insurance carriers related to the wildfires.

It filed for Chapter 11 protection in January, citing potential liabilities in excess of $30 billion from wildfires in 2017 and 2018 linked to its equipment.

A probe by a state regulator concluded earlier this month that the company did not properly inspect and replace transmission lines before a faulty wire sparked a wildfire that killed more than 80 people in 2018.

PG&E came under renewed criticism this year for precautionary power outages to guard against the risk of wildfires posed by extremely dry and windy weather, as regulators and consumer activists labeled the company's outages as being too broad without appropriate communication to customers.

California power producer PG&E files amended reorganization plan
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email