Exactly, that’s why no private company will come forward to buy the assets of PG&E, the current bond holders will get screwed and be paid a few cents on the dollar.
The Unions will get rewarded and the management will be whoever the politicians in California put in charge.
Even with GM and Chrysler after bankruptcy they remained a private company albeit with heavy government influence....
With PG&E I believe the State of California will end up owning everything.....
I agree that California will end up owning everything....but the unionized workers will be protected while all the investors get nothing.