The biggest utility bankruptcy in U.S. history is drawing to a close.
The biggest utility bankruptcy in U.S. history is drawing to a close: PG&E Corp. reached a deal with California Gov. Gavin Newsom over the company’s restructuring plan.
“This is the end of business as usual for PG&E,” Newsom said in a statement. “We secured a totally transformed board and leadership structure for the company, real accountability tools to ensure safety and reliability and billions more in contributions from shareholders to ensure safety upgrades are achieved.”
The deal with Newsom comes as the governor and other officials have turned nearly all their attention to fighting the coronavirus. California has been one of the U.S. centers of the outbreak. On Thursday, Newsom took the dramatic step of ordering residents to isolate themselves at home to limit the virus’ spread, the country’s strictest effort so far.
PG&E already had made peace with bondholders including Elliott Management Corp. and Pacific Investment Management Corp., who had been threatening to take over the utility with a rival restructuring proposal. Previously, the company struck settlements with wildfire victims, their insurers and local government agencies affected by the blazes.
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