A federal judge on Friday said he was approving a $58 billion plan by the nation’s largest utility to end a contentious bankruptcy saga that began after Pacific Gas & Electric’s outdated equipment ignited wildfires in California that killed more than 100 people, wiped out entire towns and led the company to confess to crimes driven by its greed and neglect.
The decision by U.S. Bankruptcy Judge Dennis Montali clears the way for PG&E to pay $25.5 billion for losses from devastating fires in 2017 and 2018. The judge said he will sign the formal order confirming PG&E’s plan late Friday or Saturday after the company’s lawyers make a few minor revisions worked out during a two-hour hearing. Read More
Gov. Gretchen Whitmer said Sunday that bankruptcy is not an option for Michigan in response to comments last week from U.S. Senate Majority Leader Mitch McConnell.
Whitmer appeared on ABC’s “This Week with George Stephanopoulos” on Sunday. Stephanopoulos asked her if default was on the table for Michigan.
“No, and it’s outrageous for Senator McConnell to even suggest that,” Whitmer said. “But that’s what the matter is. Our general fund budget when adjusted for the inflation is the same size it was during – when Richard Nixon was our president. We have been incredibly smart stewards and we have not made some of the investments I think we should have as a state because of this artificially low number that we’ve been working with.” Read More
Ohio legislators revealed Monday their latest plan to save Ohio’s only two nuclear power plants from bankruptcy. As previously reported, FirstEnergy Solutions, a subsidiary of FirstEnergy that manages several power stations across the Midwest, announced that it was closing all three of the nuclear plants it owns and operates throughout the region. Two… Read More
OxyContin maker Purdue Pharma LP and two other drugmakers Friday lost a bid to delay a landmark trial set for May in a multibillion-dollar lawsuit by Oklahoma’s attorney general accusing them of helping fuel an opioid abuse and overdose epidemic in the state. Cleveland County District Judge Thad Balkman’s decision… Read More
A federal bankruptcy judge approved a major debt restructuring plan for Puerto Rico on Monday in the first deal of its kind for the U.S. territory since the island’s government declared nearly four years ago that it was unable to repay its public debt. The agreement involves more than $17… Read More
Sears will live on— at least for now. The company’s chairman and largest shareholder, Eddie Lampert, won a bankruptcy auction for Sears in New York, averting liquidation of the iconic chain, according to a source familiar with the negotiations. The person agreed to speak on condition of anonymity because they… Read More
by Joshua Gill The Archdiocese of St. Paul and Minneapolis, which filed for bankruptcy in 2015 amid a flood of sexual abuse allegations, will pay $210 million to abuse victims. U.S. Bankruptcy Court Judge Robert Kressel approved the archdiocese’s proposed settlement Wednesday as part of its reorganization plan. The… Read More
by Andrew Kerr Students continue to struggle mightily to repay their student debt amid a booming economy, according to a report released Tuesday by the New York Fed. Outstanding student loan debt stood at $1.41 trillion at the end of June, making it the second largest category of household… Read More