California Rejects State's Largest Utility's Bankruptcy Plan

Dec 15, 2019

(NPR) - California Gov. Gavin Newsom rejected a bankruptcy restructuring plan by the state's largest utility, saying it "falls woefully short" of safety standards mandated under state law.

The governor's criticisms come a week after Pacific Gas and Electric announced a multibillion-dollar settlement proposal to pay victims of several wildfires linked to the utility's faulty equipment.

Newsom's move complicates PG&E's efforts to both maintain control of its operations and move quickly through bankruptcy proceedings. PG&E declared bankruptcy in January, announcing it faced potential liabilities of $30 billion.

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