PG&E Pushes To Stay In Control During Bankruptcy
PG&E, the California utility owner whose equipment was involved in starting the deadly 2018 wildfire, will file a chapter 11 exit plan in an effort to keep control of its fate during bankruptcy, according to The Wall Street Journal.
PG&E will file the chapter 11 in an attempt to not lose control of the multi-billion-dollar bankruptcy process. Two groups of creditors are eager to have their own plans enforced about how the company will lift itself out of bankruptcy. The company wants to find its own way out of bankruptcy, but creditors disagree and a judge will ultimately rule on what happens.
Judge Dennis Montali will rule on Wednesday on what happens to the company. PG&E claims that they have the financing to cover the cost of damages from the wildfires and get itself out of bankruptcy. Many financing offers have been made to keep the company afloat.
On Tuesday morning, 33 different Wall Street Institutions were offering over $13 billion to help PG&E pay for damages caused by the wildfires.