November 1, 2019 / 9:43 PM / 14 days ago

California Governor to convene meet of PG&E shareholders, execs next week

Nov 1 (Reuters) - California Governor Gavin Newsom said he will convene a meeting of PG&E shareholders and executives in Sacramento next week to speed up the resolution of the bankruptcy case that creates a new entity.

The new company can only happen "if we first get out of bankruptcy court," Newsom said in a statement medium.com/@CAgovernor/governor-gavin-newsom-outlines-roadmap-for-wildfires-communities-and-utility-c9d886dee571 on Friday, without elaborating his plans.

The San Francisco-based power producer in January filed for Chapter 11 bankruptcy protection anticipating its liabilities from massive wildfires in 2017 and 2018 blamed on its equipment could top $30 billion. (Reporting by C Nivedita in Bengaluru; Editing by Shailesh Kuber)

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