U.S. judge approves PG&E deal with California wildfire victims; stock jumps

(Reuters) – A U.S. bankruptcy judge approved on Tuesday PG&E Corp’s $13.5 billion settlement with victims of Californian wildfires, and the company’s stock rallied as the utility gained momentum to emerge from bankruptcy in June as planned. “I don’t think we’ve heard a single person say it’s a bad settlement,” U.S. Bankruptcy Judge Dennis Montali said during a six-hour hearing […]

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California power producer PG&E files amended reorganization plan

(Reuters) – California power producer PG&E Corp (PCG.N) said late on Thursday that it has filed for an amended reorganization plan, adding that it remains on track to getting the plan confirmed before a June 2020 deadline to exit bankruptcy. The development comes less than a week after the company said it reached a $13.5 billion settlement with victims of […]

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PG&E nearing $13.5 billion deal with wildfire victims – BBG

(Reuters) – Bankrupt California power producer PG&E Corp (PCG.N) is close to finalizing terms for a $13.5 billion payout to victims of wildfires ignited by its power lines, Bloomberg reported on Wednesday, citing people familiar with the matter. Shares of the company rose about 13% to $9.62. The payment will be made half in cash and the rest in stock […]

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PG&E failed to inspect transmission lines that caused deadly 2018 wilfdfire: state probe

(Reuters) – Bankrupt California power producer PG&E Corp (PCG.N) did not properly inspect and replace transmission lines before a faulty wire sparked a wildfire that killed more than 80 people in 2018, a probe by a state regulator has concluded. The Caribou-Palermo transmission line was identified as the cause of the Camp Fire last year, which virtually incinerated the Northern […]

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Thousands could be impacted by PG&E's upcoming potential power cuts

(Reuters) – About 180,000 customers in California could find themselves in the dark as Pacific Gas & Electric warned that an upcoming “strong offshore wind event” could prompt the bankrupt power producer to yet again shut off power in some areas. “The forecast remains uncertain, but there is a possibility that the weather could prompt a Public Safety Power Shutoff […]

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Court leaves PG&E with sole right to submit bankruptcy plan

(Reuters) – A federal judge on Friday allowed PG&E Corp to retain the sole rights to propose a plan to exit bankruptcy, as he rejected efforts by investors to put forward competing plans, according to court documents. Judge Dennis Montali of the U.S. Bankruptcy Court in San Francisco turned down requests from two groups of creditors wanting to propose a […]

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PG&E completes safety inspection of distribution infrastructure

(Reuters) – Electric utility PG&E Corp said on Wednesday it has completed visual inspections of about 99% of its distribution infrastructure to provide additional precautionary measures intended to reduce wildfire risk. PG&E said it has provided the results of the inspections to California Public Utilities Commission and will make the status of the repairs publicly available on its website on […]

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Factbox: Who are PG&E's new directors?

(Reuters) – PG&E Corp on Wednesday appointed Tennessee Valley Authority Chief Executive Officer William Johnson as its CEO and added 10 members to its board of directors, as the company navigates through bankruptcy. The California energy company faces crushing liabilities related to wildfires in 2017 and 2018 that killed dozens of people and destroyed thousands of homes. Effective as of […]

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PG&E faces new probation terms aimed at cutting California wildfire risk

SAN FRANCISCO (Reuters) – A U.S. judge on Tuesday imposed new criminal probation terms on PG&E Corp aimed at reducing the risk that the bankrupt power producer’s equipment will spark more destructive wildfires in wooded areas of California. U.S. District Court Judge William Alsup of the Northern District of California at a hearing barred PG&E from reissuing dividends so funds […]

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PG&E creditors propose $35 billion exit plan: Bloomberg

(Reuters) – Some creditors of PG&E Corp, including Elliott Management Corp and Pacific Investment Management Co (Pimco), are proposing a $35 billion plan for the California power utility to exit bankruptcy within a year, Bloomberg reported late on Wednesday. Pimco, Elliott and David Kempner Capital Management have discussed the proposal with California lawmakers and other stakeholders, Bloomberg reported, citing sources […]

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