CALIFORNIA - PG&E says it has filed an amended plan of reorganization with the bankruptcy court and the new plan reflects the over $25 billion worth of settlements waiting to be approved by the court.
Still remaining on track for regulatory approval for the June 2020 deadline, the "company believes its plan is confirmable, satisfies all requirements of Assembly Bill 1054 and complies with the Bankruptcy Code."
The utility company says the plan is the result of "extensive negotiations, treats all victims fairly and protects customers and employees." They also said the plan will enable the company to emerge from bankruptcy.
“We believe our Plan is the best solution for all constituencies, and we look forward to bringing these complex proceedings to their conclusion. In the meantime, we continue to make meaningful changes and additional investments throughout the company to reduce the risk of wildfire and help us continue to deliver safe, reliable energy to our customers,” said CEO and President of PG&E Corporation Bill Johnson.
In a press release, the company said they are "committed to working with all stakeholders to confirm support for the plan".
To see a review of the new plan and more details, see below.
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- PG&E Officially Files for Chapter 11 Bankruptcy
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- PG&E Gearing Up for Possible Bankruptcy, CA Lawmakers Say
- ICYMI: PG&E Considering Options Like Downsizing and Bankruptcy