The Latest: California Gets Time On Bids To Reorganize PG&E

SAN FRANCISCO (AP) – A federal judge has granted a two-week period for California officials to develop a way to evaluate competing bids to restructure Pacific Gas & Electric and pull it out of bankruptcy. Gov. Gavin Newsom’s administration and state regulators requested the time Wednesday to work with PG&E Corp. and two groups of investors who want to take over the troubled utility. PG&E filed for bankruptcy amid an estimated $30 billion in liabilities from recent wildfires its equipment may have ignited. A group of insurers and a group of PG&E bondholders are seeking to end the company’s sole right to file a reorganization plan, asserting they have a better proposal. State officials said they want to see the best plan for California ratepayers and keep PG&E on track to resolve its bankruptcy case by next June.


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