PG&E Corp. said that its chapter 11 reorganization plan has been confirmed by the U.S. Bankruptcy Court for the Northern District of California, bringing the power provider one step closer to emerging from bankruptcy and participating in a state-backed wildfire fund, Reuters reported. The court’s approval follows the confirmation of the plan by power regulator California Public Utilities Commission in May. The company said that it expects to emerge from bankruptcy in July and that it is on track to participate in a state-backed wildfire fund, which reduces liability for investor-owned utilities but requires them to spend billions of dollars upgrading equipment. The utility filed for chapter 11 protection in January last year, citing potential liabilities exceeding $30 billion from major wildfires sparked by its equipment in 2017 and 2018. Earlier last week, the company pleaded guilty to 84 counts of involuntary manslaughter stemming from a devastating 2018 wildfire in Northern California touched off by the utility company’s power lines.
