PG&E crew work on power lines to repair damage caused by the Camp Fire in Paradise, California, U.S. November 21, 2018. REUTERS/Elijah Nouvelage
- Utility PG&E Corp said on Wednesday it had emerged from bankruptcy, marking an end to a long-drawn restructuring process which began after its equipment sparked some of the deadliest wildfires in California. The completion of bankruptcy proceedings sets up the embattled company to tap a state-backed fund that would help power utilities cushion hits from wildfires.The company also said it will fund the wildfire victims trust with $5.4 billion in cash and common stock representing a 22.19% stake in the reorganized firm.
The utility had a tumultuous time since filing for bankruptcy protection in January last year, with California Governor Gavin Newsom raising concerns about the reorganization plan as well as a state regulator asking for governance and oversight changes to its plan. The company, in June, also pleaded guilty to 84 counts of involuntary manslaughter stemming from a devastating 2018 wildfire in Northern California touched off by the utility company’s power lines.Our Standards:
I’m sure they’ve learned their lesson....
Wonder how long till they fall off the wagon again? Maybe if they burn up enough forest they won't have anything left to burn & will be in the clear?
.....that seems TOO quick.
They will be back there in a flash....
All the people they killed in that fire cam back to life too.
Marking an end to long drawn restructuring process which began after its equipment sparked some of the deadliest wildfires in California.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pizza Hut's largest U.S. franchisee files for Chapter 11 bankruptcyNPC joins a host of other companies that filed for bankruptcy during the pandemic, including Chuck E. Cheese's parent company CEC Entertainment, rental car company Hertz and retailers J. Crew and J.C. Penney. They will probably stop advertising because everybody is racist now. Democrats taking down the Economy 😡😡 Oof
Source: CNBC - 🏆 12. / 72 Read more »
Pizza Hut’s largest U.S. franchisee files for Chapter 11 bankruptcyPizza Hut is one of the rare companies to report same-store sales growth during the pandemic, but that follows years of slumping sales. It was terrible pizza That's what happens when you've been making shitty greasy pizza for the last 20 years. Pizza Hut used to be good in the 80s and part of the 90s. I guess this guy is back to looking for a job...
Source: NBCNews - 🏆 10. / 86 Read more »
US companies tumble into bankruptcy at fastest pace since 2013 under coronavirus stress | Markets InsiderUS companies are filing for Chapter 11 bankruptcy at the fastest pace since 2013, the Financial Times reported Tuesday. Year-to-date filings rea... They should have saved for a rainy day...
Source: BusinessInsider - 🏆 729. / 51 Read more »
Chesapeake Energy gets bankruptcy court approval for $925 million DIP loanChesapeake Energy Corp. said Tuesday a bankruptcy court has approved its $925 million debtor-in-possession financing, a special loan used in bankruptcy proceedings that the company secured from lenders under its revolving credit facility. The pioneer in fracking filed for Chapter 11 protection on Sunday. The U.S. Bankruptcy Court for the Southern District of Texas also approved a variety of "first-day" relief, allowing it to pay owner royalties, employee wages and benefits and to pay certain vendors and suppliers. The company will use the bankruptcy process to bolster its balance sheet and restructure debt to get to a more sustainable capital structure. The company said in its bankruptcy petition that it has $16.2 billion in assets and $11.8 billion in debt. PNDShayo Turd DIP for $chk RobinhoodApp
Source: MarketWatch - 🏆 3. / 97 Read more »
Analysis | 2 things that seem to explain Trump’s ignorance about Russia’s bounties on U.S. troopsOne is also the White House's emerging defense that Trump doesn't read. Because I don’t think he can, biggest dummy the electoral college has appointed, ugh. Then Trump is unfit to be President if he does not read. Fire him and his entire team
Source: washingtonpost - 🏆 95. / 72 Read more »
Cirque du Soleil files for bankruptcy protection as COVID-19 cancels showsThe Montreal-based entertainment company, which runs six shows in Las Vegas, has struggled to keep its business running amid coronavirus restrictions that started in March, forcing it to lay off about 95% of its workforce and temporarily suspend its shows. "With zero revenue since the forced closure
Source: YahooNews - 🏆 380. / 59 Read more »