California Governor Gavin Newsom on Friday rejected a bankruptcy reorganization plan submitted by PG&E Corp., the state’s largest investor-owned utility, saying its proposal fails to meet the requirements of a recently enacted wildfire law.
The decision by Newsom, sent to PG&E in a 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.
