California Governor Reiterates State Takeover Is an Option for PG&E
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California Governor Gavin Newsom on Wednesday reiterated his threat for a state takeover of PG&E Corp. if the bankrupt utility falls short in the changes he wants.
At an event in Sacramento, Newsom said his administration has laid out “detailed terms” on what a takeover would look like and is working on it with legislative leaders in case it’s needed. The San Francisco-based company faces a June deadline to exit court protection to be able to tap a state fund for fire damages, and Newsom has raised concerns about its bankruptcy plan.