Gov. Newsom told Johnson that PG&E must radically restructure and transform itself into a “responsible and accountable” utility company to exit bankruptcy. He stressed it “must provide for major changes in governance and incorporate enforcement mechanisms,” which the Governor believe are necessary.
In addition, Gov. Newsom noted that PG&E’s bankruptcy was due to its “more than two decades of mismanagement, misconduct and failed efforts to improve its safety culture. It is against this backdrop that compliance with state law must be measured.”
In a statement, PG&E expressed its belief that its restructuring plan “satisfies all requirements of AB 1054 and complies with the Bankruptcy Code.” The company added, “It is the product of extensive negotiations, treats all victims fairly, protects customers and employees, and will enable PG&E to emerge from Chapter 11 as a financially sound utility positioned to serve California for the long ter
