California Governor Gavin Newsom on Friday rejected the bankruptcy reorganization plan submitted by PG&E Corp , the state’s largest investor-owned utility, saying the proposal fails to comply with a recently enacted state wildfire law.
(Bloomberg) — California Governor Gavin Newsom rejected PG&E Corp.’s proposed restructuring plan on Friday, dealing a major blow to the power giant as it tries to exit the biggest utility bankruptcy in U.S. history.Newsom said in a letter to PG&E Chief Executive Officer Bill Johnson that the utility giant’s restructuring plan falls “woefully short” of the state’s requirements. The governor said any reorganization of the San Francisco-based power company would require a better financing plan, an entirely new board and the option of a government takeover should PG&E fail to meet safety performance metrics.Newsom’s support is crucial to PG&E’s restructuring. …read more […]
The state has until midnight on Friday to inform PG&E if its plan, including a $13.5 billion settlement with victims of wildfires blamed on the company’s power lines, meets criteria established under the statute, known as Assembly Bill 1054, which was enacted in July. Newsom was expected to make a public statement on the reorganization plan on Friday night, according to a spokesman for the governor, Nathan Click. If Newsom decides PG&E’s plan falls short, the company would still have until Tuesday to propose changes to meet the state’s demands, a necessary step before it can submit its …read more […]
California Governor Gavin Newsom was expected to decide late on Friday whether a bankruptcy reorganization plan submitted by PG&E Corp , the state’s largest investor-owned utility company, complies with a recently enacted state wildfire law.
The state has until midnight on Friday to inform PG&E if its plan, including a $13.5 billion settlement with victims of wildfires blamed on the company’s power lines, meets criteria established under the statute, known as Assembly Bill 1054, which was enacted in July. Newsom was expected to make a public statement on the reorganization plan on Friday night, according to a spokesman for the governor, Nathan Click. If Newsom decides PG&E’s plan falls short, the company would still have until Tuesday to propose changes to meet the state’s demands, a necessary step before it can submit its …read more […]
Saks Fifth Avenue owner Hudson’s Bay Co has fallen short of securing enough shareholder support for a C$1.9 billion($1.4 billion) deal to take the department store operator private, people familiar with the matter said on Friday.
Canadian financial regulator the Ontario Securities Commission said on Friday it has dismissed a request by Catalyst for a cease trade order relating to proposed take-private deal of Hudson’s Bay .
It’s a slow first hour for the majors… A move through to key levels by late morning would be needed to avoid a slide into the red… …read more […]
The United States and China cooled their trade war on Friday, announcing a “Phase one” agreement that reduces some U.S. tariffs in exchange for what U.S. officials said would be a big jump in Chinese purchases of American farm products and other goods.
The United States and China have agreed on the terms of a “phase one” trade deal that reduces some U.S. tariffs on Chinese goods while boosting Chinese purchases of American farm, energy and manufactured goods and addressing some U.S. complaints about intellectual property practices.
Marking 100 years as a publicly-traded company Continue reading… …read more […]
Dec.13 — Wedbush Securities analyst Dan Ives and Bloomberg’s Alistair Barr talk about how Apple will be impacted by the U.S. trade war deal with China. They appear on “Bloomberg Technology.” …read more […]
The U.S. government said on Friday China would buy an additional $32 billion in U.S. farm goods over the next two years as part of an initial trade deal.
Unusual circumstances may provide ideal investing opportunities Continue reading… …read more […]
Bristol-Myers Squibb Co on Friday said it won a $752 million jury verdict against Gilead Sciences Inc in a U.S. patent dispute relating to technology for treating cancer.
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