PG&E Corp.'s most sweeping reform plan yet offers to overhaul its board with safety experts in a bid to win state approval for its bankruptcy reorganization.
California state Sen. Scott Wiener plans to introduce a bill this week to turn PG&E into a public utility.PG&E needs Newsom’s blessing to exit bankruptcy by a June 30 deadline to qualify for a state program offering assistance with future fire claims. Last week, the governor reiterated his objections to PG&E’s previous restructuring plan, saying it didn’t comply with state law. He has criticized PG&E’s present board, saying it’s stacked with Wall Street hedge fund appointees.
PG&E said in its filing with regulators that it will have “investment-grade credit metrics” when it emerges from Chapter 11. The utility has reduced its holding-company debt by $2 billion compared with its earlier restructuring plan.
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