PG&E, Troubled California Utility, Emerges From Bankruptcy, New York Times ($)

The company, which has a new board and chief executive, said it had put $5.4 billion and its stock in a trust for victims of wildfires started by its equipment.

By Ivan Penn • Published July 1, 2020 | Updated July 28, 2020

Pacific Gas & Electric, the California utility, emerged from bankruptcy on Wednesday, a year and a half after it sought protection from its creditors.
Pacific Gas & Electric, the California utility, emerged from bankruptcy on Wednesday, a year and a half after it sought protection from its creditors. (Credit: Ezra Shaw/Getty Images)

Pacific Gas & Electric, California’s largest utility, emerged from bankruptcy on Wednesday and put $5.4 billion in cash and 22.19 percent of its stock into a trust for victims of wildfires caused by the utility’s equipment.

The utility exits bankruptcy as a new company with a restructured board of directors and an interim chief executive officer, Bill Smith. The chief executive who led it for much of the last year, Bill Johnson, retired on Tuesday.

PG&E sought bankruptcy protection in January 2019 after accumulating an estimated $30 billion in liability for fires started by its poorly maintained equipment. One of the blazes, the 2018 Camp Fire, killed scores of people and destroyed the town of Paradise. MORE>>


SOURCE ARTICLE: https://www.nytimes.com/2020/07/01/business/energy-environment/pge-bankruptcy-ends.html