Gavin Newsom has rejected the bankruptcy reorganization plan proposed by utility giant Pacific Gas and Electric, saying that the proposal would not result in a "company positioned to provide safe, reliable and affordable service to its customers." PG&E filed for bankruptcy protection in January after coming under pressure from billions of dollars in claims tied to deadly wildfires. As part of its restructuring plan, the company announced last week that it had agreed to pay $13.5 billion to individuals affected by several recent fires in the state. "PG&E's chapter 11 cases punctuate more than two decades of mismanagement, misconduct, and failed efforts to improve its safety culture," Newsom wrote. "The resolution of this bankruptcy must yield a radically restructured and transformed utility that is responsible and accountable."

Source: CNN December 14, 2019 06:56 UTC