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12/14/2019, 4:56 AM (Source: TeleTrader)
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California gov. rejects PG&E's bankruptcy plan

Governor of California Gavin Newsom (pictured) turned down the bankruptcy plan proposed by Pacific Gas and Electric Company (PG&E) in June as it wasn't "positioned to provide safe, reliable and affordable service."

"The resolution of this bankruptcy must yield a radically restructured and transformed utility that is responsible and accountable," Newsom stated in a letter to PG&E Chief Executive Bill Johnson.

Previously, the San Francisco-based company was held responsible for causing wildfires in California as it knew that the equipment was susceptible to failure.

Breaking the News / GA