PG&E Wins California Approval of Bankruptcy Plan (1)

California regulators approved PG&E Corp.’s $58 billion reorganization plan, bringing the power giant another step closer to exiting the biggest utility bankruptcy in U.S. history.

The state’s Public Utilities Commission unanimously voted in favor of PG&E’s proposal after the company agreed to revamp its board and governance structure, submit to greater regulatory oversight and create local operating units to ensure a greater focus on safety.

The changes, pushed by California Governor Gavin Newsom, are intended to dramatically overhaul California’s largest utility and prevent the type of recklessness that dragged it into bankruptcy.

PG&E filed for Chapter 11 last ...