A California’s team of advisers on PG&E Corp.’s bankruptcy has been given 60 days to map out a plan to ensure the lights stay on, wildfire victims get justice and ratepayers and employees are protected, Bloomberg News reported. The Golden State has hired bankruptcy attorneys and financial specialists to help strategize, Governor Gavin Newsom said during his state of the state address yesterday. Meanwhile, in bankruptcy court, the U.S. Trustee appointed the official committee to act on behalf of all unsecured creditors, including labor representatives and power providers. PG&E’s bankruptcy puts in question the future of power and gas service to millions of people — about 40 percent of the most populous U.S. state. California’s biggest utility filed for chapter 11 protection last month, saying it faced an estimated $30 billion or more in liabilities from wildfires in 2017 and 2018.
