California News

Court Approves PG&E’s Bankruptcy Financing Package

Enterprise Record-


Pacific Gas & Electric on Monday won court approval to raise $23 billion to help pay its bills over destructive California wildfires after Gov. Gavin Newsom dropped his opposition to a financing package designed to help the nation’s largest utility get out of bankruptcy.

The milestone reached during an unusual court hearing held by phone moves PG&E closer to its goal of emerging from one of the most complex bankruptcy cases in U.S. history by June 30.

Newsom has said he fears P&E is taking on too much debt to be able to afford an estimated $40 billion in equipment upgrades needed to reduce the chances of its electricity grid igniting destructive wildfires in the future.

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