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Update: PG&E, California Governor Face Off In Bankruptcy Dispute

SAN FRANCISCO (AP) – Pacific Gas & Electric will have to quickly overhaul a complex plan to address more than $50 billion in wildfire claims to get California Gov. Gavin Newsom’s support. It’s racing to meet a make-or-break deadline for getting out of bankruptcy. That sobering reality caused the company’s stock to sink 14% Monday as investors reacted to the governor’s rejection of proposed restructuring. The company needs an approved plan in place by June 30 to qualify for coverage from a fund that lawmakers approved to help pay for future wildfire losses. PG&E has until Tuesday to come up with another solution that placates the Democratic governor.