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A federal judge gave PG&E Corp. a green light to exit bankruptcy, but the California utility is leaving chapter 11 more leveraged than ever after settling billions of dollars in liability claims from wildfires sparked by its equipment.
At a hearing Tuesday in the U.S. Bankruptcy Court in San Francisco, Judge Dennis Montali said he intends to approve PG&E’s PCG, -0.18% $59 billion reorganization plan, which involves issuing huge amounts of new debt and equity to help pay for fire-related claims totaling $25.5 billion.
