PG&E Confronts Potential Showdown Over Its Bankruptcy Plan
SAN FRANCISCO (AP) — California Gov. Gavin Newsom is stepping up pressure on Pacific Gas & Electric to fork over billions more in cash to pay thousands of people who lost homes in wildfires that drove the utility into bankruptcy.
The rising tensions were scheduled to be aired out in a bankruptcy court hearing Wednesday, but it was abruptly postponed on Tuesday to Nov. 19.
The delay could allow the sides to negotiate a compromise on PG&E's blueprint for its financial revival.
If PG&E doesn't make changes, Newsom is threatening to try to turn the utility into a customer-owned cooperative run by the state and local governments.
The company so far has defended its proposal as a fair deal for all parties involved in its bankruptcy.
