Free Trial

California governor urges judge to reject PG&E bankruptcy

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.

Should You Invest $1,000 in Pacific Gas & Electric Right Now?

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

The Next 7 Blockbuster Stocks for Growth Investors Cover

Wondering what the next stocks will be that hit it big, with solid fundamentals? Enter your email address to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.

Get This Free Report
Like this article? Share it with a colleague.

Companies Mentioned in This Article

CompanyMarketRankâ„¢Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Pacific Gas & Electric (PCG)
4.7551 of 5 stars
$13.580.4%0.74%12.45Moderate Buy$20.73
Compare These Stocks  Add These Stocks to My Watchlist 

Featured Articles and Offers

Recent Videos

Don’t Miss These Top 3 Defense Stocks Set To Gain
Triple-Digit Gains: These 4 Nuclear Stocks Have Even More Upside Ahead
3 Made in America Stocks Under $20 You Need to See!

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines