PG&E Bankruptcy Judge Confirms $59B Reorganization

By Hannah Albarazi (June 19, 2020, 10:03 PM EDT) -- A U.S. bankruptcy judge on Saturday approved Pacific Gas and Electric Co.'s $59 billion reorganization plan, resolving a turbulent bankruptcy that began when the nation's largest utility sparked a series of wildfires that killed more than 100 people, leveled entire California communities and led it to plead guilty to involuntary manslaughter.

PG&E filed for Chapter 11 bankruptcy protection in January 2019, buckling under billions of dollars in liabilities tied to its role in causing wildfires in 2017 and 2018, including the most devastating wildfire in the state's history, the 2018 Camp Fire, which destroyed the town of Paradise.

To finance the...

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