SAN FRANCISCO (AP) — California Gov. Gavin Newsom is urging a federal judge to reject Pacific Gas and Electric's blueprint for getting out of bankruptcy and renewing his threat to lead a bid to turn the beleaguered utility into a government-run operation.
In a court filing Wednesday, Newsom's lawyers gave a sternly worded rebuke of PG&E's plan, escalating the intrigue in a year-old bankruptcy case that will determine the fate of the nation's largest utility. PG&E is trying to dig out of a financial hole created by more than $50 billion in claims stemming from a series of catastrophic wildfires that have been blamed on the San Francisco company.
Although he doesn't have the power to block PG&E's preferred route out of bankruptcy, the Democratic governor has tremendous leverage because the company's plan hinges on its ability to draw upon a special insurance fund California created last summer to help insulate utilities from potential wildfire losses in the future.
PG&E did not immediately respond to a request for comment.
Newsom fired his latest salvo on the eve of a scheduled hearing before U.S. Bankruptcy Judge Dennis Montali that will cover a wide range of unresolved issues in the complex case.
Before you consider Pacific Gas & Electric, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Pacific Gas & Electric wasn't on the list.
While Pacific Gas & Electric currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Enter your email address and we'll send you MarketBeat's list of seven best retirement stocks and why they should be in your portfolio.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
