California Governor to convene meet of PG&E shareholders, execs next week

(Reuters) – California Governor Gavin Newsom said he will convene a meeting of PG&E shareholders and executives in Sacramento next week to speed up the resolution of the bankruptcy case that creates a new entity.

The new company can only happen “if we first get out of bankruptcy court,” Newsom said in a statement on Friday, without elaborating his plans.

The San Francisco-based power producer in January filed for Chapter 11 bankruptcy protection anticipating its liabilities from massive wildfires in 2017 and 2018 blamed on its equipment could top $30 billion.

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