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California Governor Threatens to Step In and ‘Restructure’ PG&E

  • Newsom plans meeting with company, shareholders and creditors
  • ‘State will not hesitate to step in,’ he says in statement
Gavin Newsom
Gavin NewsomPhotographer: Michael Short/Bloomberg
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California Governor Gavin Newsom threatened a state takeover of PG&E Corp. unless the beleaguered utility giant makes a swift exit from bankruptcy and improves its operations to reduce wildfire risks.

“We are gaming out a backup plan if Pacific Gas and Electric is unable to secure its own fate and future,” Newsom said in a media briefing Friday. Among options being considered are a state-led restructuring of the utility, he said.