SAN FRANCISCO (AP) - A federal judge has approved a settlement that moves Pacific Gas & Electric closer to getting out of bankruptcy.
The company cleared its latest hurdle Tuesday when U.S. Bankruptcy Judge Dennis Montali signed off on a deal to refinance billions of dollars in debt to pay off PG&E bondholders who threatened to cause problems.
If the utility can overcome staunch opposition from California Gov. Newsom, PG&E appears to be well-positioned to emerge from bankruptcy by the June 30 deadline for the state to either approve or reject its plan.
PG&E has also negotiated more than $25 billion in settlements with homeowners, businesses, insurers and government agencies that claimed more than $50 billion in fire losses.