California governor rejects PG&E bankruptcy reorganization plan

(Reuters) – California Governor Gavin Newsom on Friday rejected the bankruptcy reorganization plan submitted by PG&E Corp (N:), the state’s largest investor-owned utility, saying the proposal fails to comply with a recently enacted state wildfire law.

The decision by Newsom, transmitted to PG&E by letter, complicates the company’s push to exit bankruptcy and provide billions of dollars to victims of devastating wildfires in 2017 and 2018 sparked by the utility’s power lines.

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