Gov. Newsom threatening to takeover PG&E amid bankruptcy claim

In a court hearing Wednesday – PG&E guaranteed a federal judge that they will emerge from bankruptcy.

Posted: Jan 30, 2020 7:26 AM

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.

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