California utility PG&E Corp is preparing an $11 billion debt-financing package as it prepares to exit from its bankruptcy, an investor involved with the company's funding plan said on Friday, sending its shares up more than 12 percent
Pacific Gas & Electric's proposal to pay $25.5 billion for a series of deadly Northern California wildfires ignited by its equipment faced a final barrage of resistance from critics Thursday, who told a federal judge that the plan will do more to enrich savvy investors than help fire victims rebuild their lives.
The regulatory approval came hours after a federal judge blasted the company for engaging in behavior that he believed is endangering lives.
The drama is scheduled to enter its latest act Wednesday.
The communication came during a mandated quiet period from May 15 through Thursday.
The plan must still be approved by the judge supervising its case.
Johnson joined the nation's largest utility in April 2019 as it sought Chapter 11 bankruptcy protection due to roughly $30 billion in liabilities from wildfires started by its equipment.
PG&E will pay an additional $2.5 million to cover the fund's administrative fees
Company disclosed criminal charges related to its role in sparking 2018 Camp Fire that destroyed town of Paradise, California.
After further review, the California Public Utilities Commission agreed original fine was too lenient
More than 81,000 have filed claims to the settlement fund, setting the stage for a potential scrum.
The judge reportedly said the company had violated the terms of its probation.
California power producer PG&E Corp said on Tuesday it was on track to exit Chapter 11 bankruptcy by June 30 and that it plans to spend about $37 billion to $41 billion over the next five years to safeguard its equipment as it posted another quarterly loss on claims related to fires.
The company is urging those to make sure the balloons are properly secured otherwise they have the potential to short transformers, melt electric wires and cause power outages, all of which pose public safety risks.
Plans would build on efforts made last year to reduce the risk of deadly infernos.
A rusting piece of equipment that failed in 2018 on the Caribou-Palermo line has been blamed.
The proposal follows the bankruptcy filing last year by Pacific Gas & Electric after sections of its sprawling network of power lines were knocked down in windstorms and started wildfires that killed dozens of people and caused billions of dollars in damage.
Bankrupt California power producer PG&E Corp said on Saturday it had submitted an updated bankruptcy reorganization plan including a new board of directors and new roles aimed at addressing concerns raised by California Governor Gavin Newsom.
Newsom also threatens to turn the company into a government-run utility
Bankrupt California power producer PG&E Corp said on Wednesday it had reached a deal on its restructuring with creditors, who were pushing for a rival plan.