image credit: Joe Mabel / Wikimedia

PG&E Wins Court Approval for $23B Bankruptcy Plan As Coronavirus Roils Markets

March 17, 2020

Pacific Gas & Electric on Monday won court approval for its $23 billion plan to emerge from bankruptcy by midsummer, after California Gov. Gavin Newsom agreed to drop his opposition to it in the face of plunging stock markets and the economic impacts of COVID-19.

PG&E needs to emerge from bankruptcy by the end of June to access the $21 billion state wildfire insurance fund meant to protect it and other California utilities from future wildfire-driven bankruptcies.

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