SACRAMENTO, Calif. (AP) - California Gov. Gavin Newsom and Pacific Gas & Electric have reached a deal for the nation's largest utility to emerge from bankruptcy triggered by massive liabilities from wildfires.
PG&E agreed to overhaul its board and operations and to put the company up for sale if it doesn’t get out of bankruptcy by June 30. PG&E will also commit billions of dollars in additional spending to prevent wildfires, meeting one of Newsom's critical demands for the plan.
The company said that with Newsom’s support it anticipates state regulators’ approval so that it can pay wildfire victims fairly and as soon as possible.