Court Approves PG&E's Bankruptcy Financing Package

SMS
Court Approves PG&E's Bankruptcy Financing Package
​PG&E's plan to raise the billions of dollars needed to help it get out of bankruptcy was approved during a court hearing on Monday.
SHOW TRANSCRIPT

A court has approved Pacific Gas & Electric's $23 billion bankruptcy financing package.

PG&E's plan to raise the billions of dollars needed to help it get out of bankruptcy was approved during a hearing on Monday. 

The utility company filed for bankruptcy protections early last year after its equipment was linked to multiple destructive wildfires in California in 2017 and 2018. Although California Gov. Gavin Newsom initially rejected the plan, he seems to have changed his mind after the company attracted investors willing to buy up billions of dollars in company stock.

According to The Associated Press, PG&E primarily needs the money to help it pay off various settlements with wildfire victims, insurers and government agencies.