California governor rejects PG&E bankruptcy reorganization plan

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FILE PHOTO: California governor Gavin Newsom speaks at a news conference in San Diego, California, U.S. October 9, 2019. REUTERS/ Mike Blake

(Reuters) – California Governor Gavin Newsom on Friday rejected the bankruptcy reorganization plan submitted by PG&E Corp (PCG.N), the state’s largest investor-owned utility, saying the proposal fails to comply with a recently enacted state wildfire law.

The decision by Newsom, transmitted to PG&E by letter, complicates the company’s push to exit bankruptcy and provide billions of dollars to victims of devastating wildfires in 2017 and 2018 sparked by the utility’s power lines.

Reporting by Steve Gorman in Culver City, California, and Tom Hals in Wilmington, Delaware; Editing by Michael Perry

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