PG&E restructuring pivots to parallel plans in 'fair shake' for wildfire victims

摘要

On the same day Pacific Gas and Electric initiated an unprecedented precautionary blackout across Northern and Central California to prevent its power lines from sparking the kind of wildfires that landed the utility and its parent company, PG&E Corp., in Chapter 11 restructuring, a federal bankruptcy judge blew the joint cases wide open. In an order Wednesday, Judge Dennis Montali, presiding over the proceeding in the US Bankruptcy Court for the Northern District of California in San Francisco, ended the debtors' exclusive right to advance their plan of reorganization, filed together with major insurers holding subrogation claims, in favor of allowing an alternative plan proposed by PG&E Corp. bondholders and backed by wildfire victims to proceed in parallel.