Loretta Lynch Feels Like She’s Seen This Movie Before.
PG&E hasn’t run out of money.
So why is it planning to file for bankruptcy?
But Lynch thinks the main purpose of PG&E’s bankruptcy filing is to frighten state officials into supporting another investor-friendly bailout. A federal judge would oversee the bankruptcy process, but the PUC would need to approve any reorganization plan that involves raising electricity rates. The state Legislature wouldn’t have a direct role but could take steps to try to stabilize PG&E.
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