California News

Judge Approves PG&E Settlement, Debt Refinancing


A federal judge on Tuesday approved a settlement that moves Pacific Gas & Electric closer to getting out of bankruptcy, but the troubled utility still must navigate nettlesome obstacles from the state of California.

U.S. Bankruptcy Judge Dennis Montali signed off on the deal to refinance billions of dollars in debt to pay off PG&E bondholders.

The bondholders had threatened to cause problems for the nation’s largest utility. But as part of the truce, they agreed to abandon an alternative plan for getting PG&E out of bankruptcy and support the company’s blueprint.

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