California governor rejects PG&E bankruptcy reorganization plan

US

FILE PHOTO: California governor Gavin Newsom speaks at a news conference in San Diego, California, U.S. October 9, 2019. REUTERS/ Mike Blake

(Reuters) – California Governor Gavin Newsom on Friday rejected the bankruptcy reorganization plan submitted by PG&E Corp (PCG.N), the state’s largest investor-owned utility, saying the proposal fails to comply with a recently enacted state wildfire law.

The decision by Newsom, transmitted to PG&E by letter, complicates the company’s push to exit bankruptcy and provide billions of dollars to victims of devastating wildfires in 2017 and 2018 sparked by the utility’s power lines.

Reporting by Steve Gorman in Culver City, California, and Tom Hals in Wilmington, Delaware; Editing by Michael Perry

Products You May Like

Articles You May Like

Real Madrid insist they will take part in FIFA’s expanded Club World Cup – after Ancelotti interview | World News
Man tries to climb Buenos Aires building without ropes
Senate Finds 3 New Undisclosed Trips
Nadella, Narayen among tech CEOs investing in cricket’s American dream
Flavor Flav Stars in New Red Lobster Commercial