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California gets time on bids to reorganize PG&E

A federal judge has granted a two-week period for California officials to develop a way to evaluate competing bids to restructure Pacific Gas & Electric and pull it out of bankruptcy.

Posted: Jul 24, 2019 2:03 PM
Updated: Jul 24, 2019 2:45 PM

SAN FRANCISCO (AP) - The Latest on Pacific Gas & Electric's bankruptcy (all times local):

1:10 p.m.

A federal judge has granted a two-week period for California officials to develop a way to evaluate competing bids to restructure Pacific Gas & Electric and pull it out of bankruptcy.

Gov. Gavin Newsom's administration and state regulators requested the time Wednesday to work with PG&E Corp. and two groups of investors who want to take over the troubled utility.

PG&E filed for bankruptcy amid an estimated $30 billion in liabilities from recent wildfires its equipment may have ignited.

A group of insurers and a group of PG&E bondholders are seeking to end the company's sole right to file a reorganization plan, asserting they have a better proposal.

State officials said they want to see the best plan for California ratepayers and keep PG&E on track to resolve its bankruptcy case by next June.

___

12 a.m.

Insurance companies that say Pacific Gas & Electric owes them more than $20 billion from wildfire claims want to take over the California utility and pull it out of bankruptcy.

The insurers filed court documents Tuesday to end PG&E's exclusive right to file a reorganization plan.

They want the right to submit their own plan to wildfire victims and other PG&E creditors.

Their request came ahead of a Wednesday hearing when a bankruptcy judge is expected to consider a request by PG&E bondholders who want to submit a restructuring plan.

PG&E filed for bankruptcy in January to deal with an estimated $30 billion in liabilities from wildfires its equipment may have ignited in 2017 and 2018, including the wildfire in the Northern California town of Paradise and killed 85 people.

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