On April 7, U.S. Bankruptcy Judge Dennis Montali rejected an attempt by wildfire victims' attorneys to notify clients that their $13.5 billion settlement with PG&E could be devalued by a stock market impacted by COVID-19.
On February 25, the 5th District Court of Appeals threw out a Kern County law that allowed oil and natural gas producers to rely on the approval of a single environmental impact report (EIR) for nearly 70,000 wells, stating that the county’s law was in violation of California’s Environmental Quality Act (CEQA).
At the Public Policy Institute of California (PPIC) conference on January 29, 2020, Governor Newsom again reiterated his threat for a State takeover of PG&E if the bankrupt utility falls short in the changes he wants.
In an attempt to salvage their bid to take control of PG&E, a group of creditors led by Elliott Management Corporation (Elliott) and Pacific Investment Management Company (PIMCO) said late Friday that they would commit to addressing Governor Newsom’s concerns with PG&E, including the formation of a new board and making provisions for the option of a state takeover.
Following his letter from last week, Governor Newsom on Monday submitted a filing before U.S. Bankruptcy Court Judge Dennis Montali in which he said that PG&E’s reorganization ignored his concerns and offered a restructuring plan that is, “more about creating an illusion of momentum,” than a true reorganization plan.