PG&E clears another bankruptcy hurdle with debt refinancing
U.S. Bankruptcy Judge Dennis Montali signed off on the deal to refinance billions of dollars in debt to pay off PG&E bondholders.
USA: A federal judge approved a settlement that moves Pacific Gas & Electric closer to getting out of bankruptcy.
U.S. Bankruptcy Judge Dennis Montali signed off on the deal to refinance billions of dollars in debt to pay off PG&E bondholders.
The bondholders had threatened to cause problems fort he utility. But as part of the truce, they agreed to abandon an alternative plan for getting PG&E out of bankruptcy and support the company’s blueprint.
In the past few months, PG&E has also negotiated settlements totaling $25.5 B to appease homeowners, businesses, insurers and government agencies who had claimed more than $50 B in losses from a series of catastrophic wildfires blamed on the utility’s dilapidated electrical grid and managerial negligence.
PG&E also continues to face tough questions about its safety practices in a criminal case stemming from a deadly explosion on one of its natural gas lines in 2010. The company is required to comply with the terms of a five-year probation imposed in 2017 because of the explosion.
U.S. District Judge William Alsup on Tuesday demanded that PG&E provide more details about how it inspected some of the electric transmission lines suspected of causing fires. He gave the utility until Feb. 18 to respond.
Source: WTMJ
