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 ...
Newsom’s a bankruptcy judge now???
PG&E should just close up shop and let California bask in the glory of their victory of “Big Power”.
The Governor is obviously expecting a magic wand here. California is on a slide down until there are “major changes in governance”!
State takeover coming next?
“major changes in governance”
Never a good thing when proposed by pinkos.
Ohhhh. His little lawyer buddies are getting greedy. Not enough money to go around.
WTH does this mean?
“...PG&E should just close up shop and let California bask in the glory of their victory of “Big Power”....”
Yep. Just shut everything down all at the same time during a morning full peak load....and then just “walk away”. The state azz-clowns don’t not have the expertise, talent and/or experience to run it.
Looks like the continuation of the hostile takeover by California Inc.
All self-respecting communist utopias nationalize all Utilities as one of their first actions. Newsome is just preparing to take this first step with PG&E.
Shut it down and throw away the keys and all the passwords ,LOL
Utilities used to be a safe investment. Dry conditions and wind storms used to be considered an act of God. California is still the state blessed with the most natural resources. Sad to see what lawyers and lefties are capable of destroying.
I always thought that the Bankruptcy Court was a Federal Court and not governed by the state. Unless the governor represents a class of creditors he should have no say in the matter. And then all he can do is reject the plan for his class of creditors.
Hi.
When did Newsome become a federal judge?
5.56mm
The green graft will continue to flow until it stops. Like a game of musical chairs without the chairs. Venezuela is a good example of how state run utilities work.
Liberals, is there anything they can't do?
Sorry to Cali FReepers, but this state just deserves to burn, in the dark.
Well DUH! What do you think “major changes in governance” means to a liberal?
Private ownership, full government control of operations.
The very definition of fascism!
It’s LibSpeak, a/k/a gibberish.
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