Plus   Neg

California Utility Regulators Approves PG&E's Chapter 11 Reorganization Plan

The California Public Utilities Commission approved the Chapter 11 Plan of Reorganization of PG&E Corp. and Pacific Gas and Electric Company, PG&E said in a statement.

The company said the approval in its Plan of Reorganization Order Instituting Investigation proceeding completes another major milestone needed for the company to be eligible to participate in the State's Wildfire Fund, and keeps the company on track for Bankruptcy Court confirmation of the Plan prior to June 30, 2020.

The Bankruptcy Court confirmation hearing began on May 27, 2020.

The California approved a number of measures to improve PG&E's governance process, operational structure, and safety performance. It also approves PG&E's request to issue new debt and securities to finance its exit from Chapter 11.

On May 12, 2020, the Federal Energy Regulatory Commission approved the Plan, including authorizing the creation and funding of PG&E's proposed Fire Victim Trust.
Under PG&E's Plan, the Fire Victim Trust will be established to administer and pay wildfire victim claims as provided in the Plan.

As part of the Chapter 11 process, PG&E has previously reached settlements with all wildfire claimants' groups to be implemented pursuant to PG&E's Plan, valued at about $25.5 billion.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Ford has revived the iconic Bronco brand after a gap of 24 years, this time as a dedicated off-road brand aiming to take on Fiat Chrysler's Jeep Wrangler, the dominant vehicle in the off-road category. Ford has introduced three new vehicles under the all-new Bronco brand as a 4x4 family of rugged SUVs under the tagline, "Built Wild". 3M Co. is teaming with researchers at Massachusetts Institute of Technology or MIT to develop a new rapid antigen test that detects the COVID-19 virus. The research, being conducted at the pilot lab facility at 3M's headquarters in St. Paul, Minnesota, is to learn if a simple-to-use, diagnostic device can produce highly accurate results within minutes and is feasible to mass manufacture. Retail giant Walmart has teamed up with the U.S. Department of Agriculture (USDA) to enable customers who pay for groceries with SNAP benefits, to gain access to Walmart's pickup and delivery service. Nearly 3,000 Walmart stores in 39 U.S. states are now offering customers receiving SNAP benefits through their Electronic Benefit Transfer (EBT) card to complete payments using the EBT card.
Follow RTT