California Gov. Gavin Newsom addresses during a news conference with at the California State Capitol on August 16, 2019 in Sacramento, California.
Justin Sullivan | Getty Replicas
California Gov. Gavin Newsom said Friday that he wants to speed up the troubled Pacific Gas & Electric bankruptcy action so the company can be restructured in time for next year’s wildfire season.
Newsom said he is calling a meeting of wildfire injured parties and PG&E executives, shareholders and creditors next week to accelerate what the Democratic governor called “a consensual resolution” to the bankruptcy casing.
PG&E filed for bankruptcy earlier this year after a 2018 wildfire mostly destroyed the town of Paradise and silenced 85 people. The utility is facing up to $30 billion in potential damages from recent fires that were started by its matriel.
Shareholders and creditors are battling for control of the company and have put forth competing plans for the utility to emerge from bankruptcy.
The assembly has come under increased scrutiny in recent weeks as it has pre-emptively shut off power for millions of Californians as it tries to stave off downed power lines from starting fires.
The shutoffs have angered residents, businesses and local commands, who say the company has done a poor job of communicating.
“The creativity that so many people desire for PG&E to be a new company that prioritizes protection, understands the communities it serves, and is responsive to the needs of customers can only happen if we first get out of bankruptcy court,” Newsom asserted.
He said the state would not hesitate to step in and restructure the utility if the parties fail to reach an agreement quickly to create a transformation.
“All options are on the table,” Newsom said.