California regulators make preparations for PG&E bankruptcy
SAN FRANCISCO (AP) — California regulators are poised for a bankruptcy declaration by the nation’s largest utility as it faces billions of dollars in potential damages from wildfires in the state.
Pacific Gas and Electric Corp. had said the decision could come Tuesday. The California Public Utilities Commission scrambled ahead of the deadline to ensure PG&E would have financing that the company says it would need to continue providing electric and gas service under Chapter 11.
The four members of the commission voted unanimously Monday at a raucous, hastily announced meeting to exempt PG&E from a longer approval process for bankruptcy credit and loans.
The decision cleared a major obstacle to the company’s planned bankruptcy filing, but also likely set off a yearslong court battle.