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PG&E Wins Final Approval for Its Bankruptcy Reorganization

  • Power giant can now exit largest U.S. utility restructuring
  • Company entered Chapter 11 after its equipment sparked fires
PG&E workers install a Viper Recloser in Yountville, California, U.S., on April 29.

PG&E workers install a Viper Recloser in Yountville, California, U.S., on April 29.

Photographer: David Paul Morris/Bloomberg
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PG&E Corp. won final approval of its bankruptcy plan, clearing the way for the California utility giant to emerge from one of the darkest chapters of its history.

U.S. Bankruptcy Judge Dennis Montali issued an order Saturday confirming PG&E’s Chapter 11 plan that will cover billions of dollars in damage claims stemming from catastrophic wildfires linked to the company’s equipment. The judge said in an earlier written decision that he planned to approve the turnaround proposal because the alternative would leave tens of thousands of fire survivors with “no other options on the horizon.”