A group of PG&E creditors has created a $30 billion plan to bring the utility out of bankruptcy, and one of the recommendations in the proposal is that the company rebrand by changing its name. [SF Chronicle]
On Tuesday, a committee of PG&E bondholders filed a motion with the U.S. Bankruptcy Court for the Northern District of California that offers a blueprint for reorganizing the utility by the end of 2019 or shortly later. The reorganization plan primarily involves injecting $30 billion in new funds into the business.
The funds would go toward paying wildfire claims, and cleaning up financial issues related to the fire. The funding plan aims to bring PG&E out of bankruptcy without raising customers’ rates.
Bondholders have suggested PG&E change its name after emerging from bankruptcy. The motion suggests PG&E rename itself “Golden State Power Light & Gas Co.”
Earlier this month, PG&E reached a $1 billion settlement with local governments in Northern California over wildfires the utility caused. PG&E is still expected to pay billions of dollars more in wildfire claims.