California governor wants to grill PG&E about financing plan

Pacific Gas and Electric's plan to emerge from bankruptcy is facing another threat from California' Gov. Gavin Newsom as they two sides head toward a potentially dramatic showdown.

Posted: Feb 12, 2020 8:44 AM

SAN FRANCISCO (AP) - Pacific Gas and Electric's plan to emerge from bankruptcy is facing another threat from California' Gov. Gavin Newsom as they two sides head toward a potentially dramatic showdown.

Newsom's lawyers told U.S. Bankruptcy Judge Dennis Montali on Tuesday that they want to grill PG&E about the company's plans to borrow billions of dollars and sell more stock to help pay the $13.5 billion owed to more than 75,000 victims of catastrophic wildfire's ignited by the utility's equipment.

The judge reaffirmed the terms of the settlement Tuesday.

PG&E also needs to raise money to cover a $12 billion bill owed to insurers and government agencies.

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