Not data has been held for ransom in New Orleans cyber attack, California governor Newsom’s rejection of PG&E’s bankruptcy plan and Willis Tower makes TripAdvisor’s list of the world’s top tourist attractions in 2019. FOX Business’ Maria Bartiromo with more.
Pacific Gas and Electric shares are plunging Monday, down more than 20 percent ahead of the opening bell, after California Gov. Gavin Newson rejected the utility’s bankruptcy reorganization plan.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PCG | PG & E CORP. | 11.24 | -0.48 | -4.10% |
Newsom, in a five-page letter to sent to PG&E CEO William Johnson, said the $13.5 billion settlement that the San Francisco-based utility struck with wildfire victims “falls woefully short” under state law as the proposed changes did not “provide safe, reliable, and affordable services to its customers.”
The decision to reject the settlement was the latest blow to PG&E, which is hoping to move past its bankruptcy.
PG&E filed for Chapter 11 bankruptcy protection in January due to liabilities related to deadly wildfires in Northern California in 2017 and 2018.
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Last month, PG&E took a $2.5 billion charge for claims related to wildfires in Northern California, and said it expects to absorb $6.2 billion to $6.3 billion of costs related to the blazes.
PG&E shares have plunged 77 percent since Nov. 8, 2018, when the Camp Fire, the deadliest and most destructive wildfire in California history, broke out. The California Department of Forestry and Fire Protection found PG&E was responsible for that blaze and others.
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Shares have lost 52.7 percent of their value this year through Friday while the S&P 500 was up 26.4 percent.
The governor’s office and PG&E did not immediately respond to FOX Business’ requests for comment.
