California Governor Gavin Newsom on Friday signed a bill approved by lawmakers a...
SAN FRANCISCO - California Governor Gavin Newsom on Friday signed a bill approved by lawmakers a day earlier that creates a $21 billion fund to help bankrupt PG&E Corp and the state’s other investor-owned utilities cover liabilities arising from future wildfires caused by their equipment.
Both chambers of California’s legislature rushed this week to approve the bill and send it to Newsom to meet the July 12 deadline demanded by S&P Global Ratings. PG&E sought Chapter 11 bankruptcy protection in January after severe wildfires in 2017 and 2018 left it expecting more than $30 billion in liabilities.
The Camp Fire was the deadliest and most destructive wildfire in California’s modern history and put PG&E on track for bankruptcy so it can reorganize its finances to pay thousands of expected claims.
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