Calif. Governor Says Both PG&E, Bondholder Plans Violate Law

California Governor Gavin Newsom said both PG&E’s restructuring plan and a rival proposal from a group of its bondholders fails to comply with a state law, according to a court filing Monday.

• Newsom’s office objects to provisions in PG&E’s $13.5 billion settlement with wildfire victims that limits victims from supporting any competing plan of reorganization: filing
  • In a footnote in filing, Newsom says the alternative creditor plan doesn’t meet state law
• Newsom says PG&E has no “path to a feasible plan” if it can’t comply with requirements of a state law that would allow utility to get financial assistance for ...