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Governor Gavin Newsom looks to speed up PG&E bankruptcy

PG&E Truck
Posted at 9:06 AM, Nov 04, 2019
and last updated 2019-11-04 12:06:04-05

Governor Gavin Newsom wants to speed up the troubled PG&E bankruptcy case so the company can be restructured in time for next year's wildfire season.

Newsom is calling a meeting of wildfire victims, PG&E executives, shareholders, and creditors this week to accelerate what he calls "a consensual resolution" to the bankruptcy case.

Shareholders and creditors are battling for control of the company and have put forth competing plans for the utility to emerge from bankruptcy.

PG&E filed for bankruptcy earlier this year after the 2018 Camp Fire destroyed the town of Paradise and killed 85 people. The utility is facing up to $30 billion in potential damages from recent fires that were started by its equipment.