PG&E proposes board revamp in revised bankruptcy plan

This post was originally published on this site

(Reuters) – Bankrupt California power producer PG&E Corp (N:) said on Saturday it had submitted an updated bankruptcy reorganization plan including a new board of directors and new roles aimed at addressing concerns raised by California Governor Gavin Newsom.

PG&E filed for Chapter 11 protection in January last year, citing potential liabilities in excess of $30 billion from deadly wildfires in 2017 and 2018 linked to its equipment.

Newsom, in a public letter to the company on Dec. 13, had rejected an earlier PG&E reorganization plan saying it lacked major changes in governance and tougher safety enforcement mechanisms mandated under the state wildfire statute.

Newsom has accused the company of putting profit ahead of maintenance of its power lines and of poorly managing the widespread blackouts PG&E used to avoid sparking wildfires during high winds.

PG&E said it believed its updated plan addressed the Newsom’s concerns.

Aside from the new board, the plan would also create two newly expanded roles of Chief Risk Officer and Chief Safety Officer, who will both report directly to the company’s chief executive, the company added in its statement.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment