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

‘People started falling on top of each other’: At least 41 people killed in fire at Egypt church
Legal documents supporting FBI’s search of Trump’s Mar-a-Lago estate could be released
Why even a lifelong Republican can’t get away with opposing Donald Trump
Sudden crypto market drop sends bitcoin below $22,000
First Synthetic Embryos: the Scientific Breakthrough Raises Serious Ethical Questions

Leave a Reply

Your email address will not be published.