PG&E clears another bankruptcy hurdle with debt refinancing – By Michael Liedtke (AP) / Feb 4 2020
SAN FRANCISCO (AP) — A federal judge on Tuesday approved a settlement that moves Pacific Gas & Electric closer to getting out of bankruptcy, but the troubled utility still must navigate nettlesome obstacles from the state of California.
U.S. Bankruptcy Judge Dennis Montali signed off on the deal to refinance billions of dollars in debt to pay off PG&E bondholders.
The bondholders had threatened to cause problems for the nation’s largest utility. But as part of the truce, they agreed to abandon an alternative plan for getting PG&E out of bankruptcy and support the company’s blueprint.
In the past few months, PG&E has also negotiated settlements totaling $25.5 billion to appease homeowners, businesses, insurers and government agencies who had claimed more than $50 billion in losses from a series of catastrophic wildfires blamed on the utility’s dilapidated electrical grid and managerial negligence.
One fire victim, Will Abrams, tried unsuccessfully Tuesday to convince Montali to reject PG&E settlement with the noteholders because he believes it will help the company push through an unfair plan.
Continue to article: https://www.chron.com/news/us/article/PG-E-clears-another-bankruptcy-hurdle-with-debt-15029467.php
