SACRAMENTO, Calif. - In a court hearing Wednesday – PG&E guaranteed a federal judge that they will emerge from bankruptcy.
Gov. Gavin Newsom promised to follow through on his threat to have the state take over PG&E.
PG&E is the nation's largest utility.
Newsom is opposed to PG&E's bankruptcy plan – PG&E wants to qualify for a wildfire insurance fund - lawmakers approved last year.
PG&E’s market value fluctuated between $5 billion and $40 billion since 2017.
Newsom says he wants PG&E to replace its entire board of directors including CEO Bill Johnson.
More than 80,000 wildfire survivors have filed claims with PG&E.
Newsom says the state is still figuring out how much taxpayers would have to pay if they decide to take the direction to take over the utility.
- Gov. Newsom threatening to takeover PG&E amid bankruptcy claim
- Gov. Newsom and Sen. Nielsen, respond to PG&E shutoffs
- Gov. Newsom shares his frustration with PG&E blackout
- Gov. Newsom releases $144B California budget
- Gov. Newsom meets with Camp Fire survivors
- Gov. Gavin Newsom: National Guard on alert
- PG&E Will File for Bankruptcy Protection
- PG&E: What Bankruptcy Means for the Utility
- State Lawmakers React to PG&E Bankruptcy
- PG&E Officially Files for Chapter 11 Bankruptcy