bankruptcy News

Fire-Damaged Philadelphia Oil Refinery Heads for Auction

NEW YORK — The fate of the largest East Coast oil refinery is set to be decided on Friday in an auction that could determine whether the Philadelphia plant is restarted or used for a different purpose for the first …

PG&E Judge Demands Details on Potential Wildfire Payout Conflict

Time is running out for PG&E Corp. to end the biggest-ever U.S. utility bankruptcy, so the company must set reorganization deadlines and explain a potential conflict in its multi-billion dollar payout proposal, a federal judge said Wednesday. U.S. Bankruptcy Judge …

PG&E Nearing Deal With Pimco, Elliott on Restructuring Plan

PG&E Corp. is nearing a deal with a group of bondholders led by Pacific Investment Management Co. and Elliott Management Corp. that would entitle them to a mix of equity and new debt if they scrap their rival restructuring plan, …

FEMA Defends $4 Billion Claim With PG&E as Fire Victims Cry Foul

The Federal Emergency Management Agency on Monday defended its push to collect $3.9 billion in claims from PG&E Corp. for the relief it provided after the utility’s power lines sparked devastating wildfires. Wildfire victims have been fighting the payments to …

PG&E Fire Victims Fight FEMA Over Multibillion-Dollar Payout

Victims of wildfires blamed on PG&E Corp.’s power lines and government agencies that provided them disaster relief are tussling over a payout from the bankrupt utility. PG&E reached a settlement with fire victims to pay a total of $13.5 billion …

‘Clubby’ Culture Helped Push Indiana Trucking Firm into Ruin

INDIANAPOLIS — Here’s something you can be sure Franklin College won’t be highlighting in its student-recruitment marketing: All three of the former Celadon Group Inc. executives charged this year in what prosecutors call a sweeping accounting fraud graduated from the …

California Eyes Climate Bond to Prepare for Disasters

SACRAMENTO, Calif. — In a state burdened by billions of dollars in wildfire damage, California lawmakers are hoping for an advance loan before the next climate-fueled catastrophe hits. Lawmakers in the Democratic-dominated state Legislature return to work Monday for the …

PG&E, Newsom Clash Over a Clause That May Allow State Takeover

A clause that would allow California to take over bankrupt utility giant PG&E Corp. under certain circumstances has emerged as a big sticking point in negotiations between the company and Governor Gavin Newsom. Newsom wants the power company to include …

PG&E Removes California Governor From $13.5 Billion Fire Deal

Bankrupt utility giant PG&E Corp. has removed a requirement that California Governor Gavin Newsom sign off on its settlement with wildfire victims, trying to buy more time for its restructuring plan. PG&E reached an agreement Monday with representatives of the …

Sacklers Withdrew $10 Billion Out of Purdue, Report Finds

Opponents of the Sackler family’s offer to settle opioid lawsuits against Purdue Pharma LP for about $10 billion say a new report showing the clan withdrew more than that out of the drugmaker over the last decade confirms their reasons …