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California governor rejects PG&E bankruptcy reorganization plan
Reuters ^ | 12-13-2019 | Tom Hal’s, Steve Gorman

Posted on 12/14/2019 7:14:36 AM PST by tcrlaf

California Governor Gavin Newsom on Friday rejected a bankruptcy reorganization plan submitted by PG&E Corp (PCG.N), the state’s largest investor-owned utility, saying its proposal fails to meet the requirements of a recently enacted wildfire The decision by Newsom, sent to PG&E in a letter, complicates the company’s push to exit bankruptcy and provide billions of dollars to victims of devastating wildfires in 2017 and 2018 sparked by the utility’s power lines.

The embattled utility now has until Tuesday to further amend its plan to Newsom’s satisfaction, but his criticism of the reorganization package as it was presented by PG&E a day earlier was sweeping.

Newsom said the plan lacks “major changes in governance” and tougher safety enforcement mechanisms mandated under the state wildfire statute, known as Assembly Bill 1054, which was enacted in July.

(Excerpt) Read more at reuters.com ...


TOPICS: Crime/Corruption; Government; News/Current Events; Politics/Elections; US: California
KEYWORDS: california; commiefornia; energy; gavinnewsom; globalwarminghoax; graft; greennewdeal; jerrybrown; newsome; pge
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To: Disambiguator

“”””...its proposal fails to meet the requirements of a recently enacted wildfire

WTH does this mean? “”””””””””””

I think it means ORANGE MAN BAD or something.


21 posted on 12/14/2019 7:39:00 AM PST by shelterguy
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To: shelterguy

Higher utility rates and higher taxes are coming. They already have the highest rates in the country. It will drive more industry out of the state.


22 posted on 12/14/2019 7:48:06 AM PST by Oldexpat (Jobs Not Mobs)
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To: null and void

It seems to me that PG&E is a public utility, ie there are owners / share holders. How does Knew-some exert this sort of dictatorial power over the rightful owners of a recognized financial entity?


23 posted on 12/14/2019 7:49:28 AM PST by downtownconservative (I)
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To: lgjhn23

> The state azz-clowns don’t not have the expertise, talent and/or experience to run it. <

Yep. But if the state does take over PG&E, watch how quickly the news reports will change. Instead of blaming PG&E management, the media will say that the wildfires and power outages are all due to unavoidable climate change.


24 posted on 12/14/2019 7:52:54 AM PST by Leaning Right ( I have already previewed or do not wish to preview this composition.)
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To: tcrlaf

Yet another lib idiot elected in California. I hate this f^^king state and can’t wait to get the hell out.


25 posted on 12/14/2019 7:55:52 AM PST by Agatsu77
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To: Agatsu77

Hahahaha. I laugh at this leftist idiocy and corruption. LOL.


26 posted on 12/14/2019 8:02:12 AM PST by hal ogen (First Amendment or Reeducation Camp???)
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To: tcrlaf

Shut up and make the electricity flow!


27 posted on 12/14/2019 8:05:45 AM PST by Steely Tom ([Seth Rich] == [the Democrats' John Dean])
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To: Texas Eagle
The fires were caused by homeless people, Islamists who openly declared so, commercial trucks etc.

P&G is just the private money bags to shift utilities to the incompetent State. Blackouts forever.

28 posted on 12/14/2019 8:07:17 AM PST by TheNext (LeGaBiT)
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To: downtownconservative

He has a (D) after his name, and the 9th district has his back.


29 posted on 12/14/2019 8:09:54 AM PST by null and void (Nancy? As a Catholic, why do you vote pro-abortion? Do you hate babies more than you love God?)
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To: tcrlaf

Sounds like the same “deal” Stalin offered to Ukrainian farmers.


30 posted on 12/14/2019 8:10:54 AM PST by Extremely Extreme Extremist (20 FReepin' years of Freakin' FReeping!!! FReep yeah!)
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To: tcrlaf

the bankruptcy court will listen to this politician given his election as governor, but the decision is still with the court...
if Newsom has included a practical means for PGE to comply with his demands, then the court may well go along with him

if Newsom has only shot off demands with no way for PGE to comply with him, then the court may well decline the demands


31 posted on 12/14/2019 8:14:06 AM PST by faithhopecharity ( “Politicians are not born; they are excreted.” Marcus Tullius Cicero (106 to 43 BCE))
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To: Disambiguator
The article as it is now has "recently enacted wildfire law."

I don't know if it is a cut and paste error in the excerpt or a now fixed typo at Reuters.

32 posted on 12/14/2019 8:14:54 AM PST by KarlInOhio (Cutest internet video: Charlie bit my finger. Creepiest internet video: Joe Biden bit my finger.)
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To: Texas Eagle

why is an elected govt official butting his nose into the legal affairs of business?.....


33 posted on 12/14/2019 8:15:27 AM PST by cherry
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To: AAABEST

South Africa’s power systems are doing so well, too, after kicking whitey out.


34 posted on 12/14/2019 8:17:03 AM PST by polymuser (It's discouraging to think how many people are shocked by honesty and so few by deceit. Noel Coward)
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To: lgjhn23

35 posted on 12/14/2019 8:17:16 AM PST by Kozak (DIVERSITY+PROXIMITY=CONFLICT)
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To: tcrlaf

PG&E should just hand over everything to CA and watch the results. After all, CA is the Venezuela of the future, so why not just speed things up?

Those of us on the sane side of the country can reenter and start anew after the Big One finishes things off.


36 posted on 12/14/2019 8:18:06 AM PST by Da Coyote (is)
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To: null and void

“....the 9th district has his back.”

Not any more since Trump replaced a few of them for a conservative majority. Besides if PG&E pulls the plug, he’ll have to go back to candles real quick and do all his paperwork without computers. He’ll get the opportunity to act like Lincoln 140 years ago. Maybe he’ll reconsider his strong arms tactic when it bites him on the arse.

rwood


37 posted on 12/14/2019 8:26:18 AM PST by Redwood71
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To: tcrlaf

The political risk for any company whose primary service area is California is extreme.


38 posted on 12/14/2019 8:27:25 AM PST by DannyTN
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To: tcrlaf

Not long before PG&E throws up their hands and walks away. Then Newsom will seize and nationalize the electric system and electrical blackouts will become the Venezuelan way of life. Fascinating how liberal evolution works.


39 posted on 12/14/2019 8:30:36 AM PST by iontheball
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To: Da Coyote

And how many shareholders would get hammered as a result of that?


40 posted on 12/14/2019 8:30:53 AM PST by Sequoyah101 (We are governed by the consent of the governed and we are fools for allowing it.)
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