Calif. Governor Rejects PG&E's Settlement Plan With Wildfire Victims

PG&E is navigating a complex bankruptcy process due to over $30 billion in liabilities from wildfires allegedly caused by its equipment. The company has proposed a settlement with wildfire victims as part of its reorganization plan, which does not require the governor's approval but seeks his feedback. Governor Newsom criticized the plan for not meeting new safety standards and urged PG&E to address past mismanagement. Despite this, PG&E claims compliance with new laws and sees the plan as beneficial for stakeholders. The plan's success hinges on unlocking a $21 billion fund for wildfire costs, contingent on meeting safety standards. A US bankruptcy judge must approve the settlement by December 20th for it to proceed.

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