BREAKING NEWS Butte County removed from PG&E's list for possible power outages Full Story

Court approves PG&E's $23B bankruptcy financing package

Pacific Gas & Electric got court approval to raise $23 billion to help pay its bills over destructive California wildfires.

Posted: Mar 16, 2020 2:34 PM

BERKELEY, Calif. (AP) — Pacific Gas & Electric on Monday won court approval to raise $23 billion to help pay its bills over destructive California wildfires after Gov. Gavin Newsom dropped his opposition to a financing package designed to help the nation’s largest utility get out of bankruptcy.

The milestone reached during an unusual court hearing held by phone Monday moves PG&E closer to emerging from one of the most complex bankruptcy cases in U.S. history.

PG&E told a judge it has lined up commitments from investors to buy up to $12 billion in stock amid the Wall Street turmoil caused by the coronavirus to supplement $11 billion in new loans.

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The weather will be pulling a 180 as we head into the evening hours and kick off our work week. A north wind will be taking hold, bringing gusty conditions and increased fire danger to the valley, foothills, and the Sierra Mountains. Gusts between 25-35mph are possible from late this evening through Monday night for the valley while the foothills and the Sierra will continue to see the windy conditions through Tuesday morning. This has prompted a Red Flag Warning for the Valley 11pm tonight through 8pm Monday while the Sierra and Foothills will last through Tuesday morning.
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