You correct, but very few if any private company will come forward to buy the assets of PG&E and be subjected to the laws California which bankrupted PG&E to begin with...
Leaving only the State of California to buy the company at a fire sale price.....
The current stockholders of PG&E will be destroyed.....most already have been destroyed the stock price is almost a penny stock now.
$6.43 per share at close yesterday. Threats not a penny stock.