The biggest utility bankruptcy in U.S. history appears to be drawing to a close after PG&E Corp. reached a deal with California Governor Gavin Newsom over the company’s restructuring plan, Bloomberg News reported. The agreement calls for PG&E to put itself up for sale if the bankruptcy court doesn’t approve its plan by June 30 or if the company fails to emerge from chapter 11 by the end of the year, according to a statement on Friday. The deal also requires the embattled utility to overhaul its board and submit to additional state oversight. PG&E has struggled for months to craft a reorganization proposal that would satisfy both creditors and state officials after filing for chapter 11 last year facing $30 billion in damages from wildfires blamed on its power lines. The consent from Newsom, who objected to earlier versions of PG&E’s turnaround plan, greatly boosts the odds the utility will exit bankruptcy by a state deadline of June 30.
