bankruptcy News

Growing Group Seeks Local Takeover of PG&E

More than 110 Northern California city and county officials representing the majority of bankrupt PG&E Corp.’s customers are proposing to turn the utility giant into a customer-owned cooperative. The coalition led by the city of San Jose includes officials from …

Rich Californians Shell Out $30,000 to Avoid Blackout Pain

Ebony Lopez’s electric company in Napa wine country used to get a handful of inquiries a week from people asking about generators. After PG&E Corp. shut power to millions of Californians last month, it’s more like 10 to 15 calls …

Boy Scouts Mortgage Vast New Mexico Ranch Amid Sex-Abuse Litigation

The Boy Scouts of America has mortgaged one of the most spectacular properties it owns, the vast Philmont Scout Ranch in New Mexico, to help secure a line of credit as the financially strapped organization faces a growing wave of …

PG&E Is Dubious of Fire Victim’s Claim for a 500-Pound Emerald

PG&E Corp. says it has found suspicious monetary claims by victims of California’s wildfires, including one from a man who says a 500-pound (227-kilogram) emerald worth $280 million was destroyed at his home a year ago in the most destructive …

California Governor Newsom Is Fielding More PG&E Takeover Calls

For California Governor Gavin Newsom, sitting back and watching PG&E Corp.’s bankruptcy run its course is no longer an option. The mayors of 22 cities are pressing him to turn the embattled power giant into a customer-owned cooperative. San Francisco, …

PG&E Is Offering $13.5 Billion in Compensation to Wildfire Victims

Bankrupt utility giant PG&E Corp. is trying to offer $13.5 billion in compensation to the victims of wildfires sparked by its power lines as part of a restructuring plan, according to people with knowledge of the situation. The company’s shares …

Former Claims Shop Owner Pleads Guilty to Bank and Wire Fraud

The former owner of Worley Claims Services, who in 2014 sold a majority stake in the company that continues to bear his name, this week pleaded guilty to bank and wire fraud charges. Michael Allen Worley of Zachary, Louisiana admitted …

California Governor Threatens To Step in and ‘Restructure’ PG&E

California Governor Gavin Newsom threatened a state takeover of PG&E Corp. unless the beleaguered utility giant makes a swift exit from bankruptcy and improves its operations to reduce the risk of wildfires. “We are gaming out a backup plan if …

As PG&E Blackouts Ebb, Southern California Wind Risk Surges

As Northern California residents began to get their power back, people in the Southern part of the state were facing some of the strongest winds “in recent memory” and utilities there were cutting service and warning blackouts could spread. PG&E …

PG&E Says It’s Open to Extending Fire Victim Claims Deadline

PG&E Corp. told a judge it’s willing to extend the deadline for victims of wildfires caused by the utility’s equipment to file claims in its bankruptcy. U.S. District Judge James Donato criticized the company at a hearing last week, saying …