PG&E triggered the bankruptcy in January citing an estimated $30 billion in financial liabilities from California wildfires sparked by its equipment. Without access to the fund, Newsom said the company’s plan isn’t feasible. PG&E pushed back and said it believes the plan conforms to requirements under state law. Rejecting the plan could risk delaying the bankruptcy process and payments to wildfire victims, said Jared Ellias, a bankruptcy law professor at UC Hastings. “PG&E’s board of directors and management have a responsibility to immediately develop a feasible plan,” Newsom said.

Source: Los Angeles Times December 14, 2019 04:16 UTC