Final certification isn’t until May 22. But preliminary voting results show a strong majority in favor of PG&E Corp’s (NYSE: PCG) restructuring plan, allowing the California utility to exit the bankruptcy it entered in January 2019.
It seems California Governor Gavin Newsom will not preside over a utility collapse as former Governor Gray Davis did almost 20 years ago, thanks to a legislative fix to state utilities’ bottomless liability for wildfire damages.
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