SACRAMENTO (KGO) -- Pacific Gas and Electric stocked jumped after it informed the SEC it has arranged $5.5 billion of debtor-in-possession financing to keep operating while going through bankruptcy.
But wildfire victims, their attorneys, and activist Erin Brockovich rallied at the State Capitol, urging lawmakers to keep the utility out of bankruptcy.
Brockovich told the crowd, "I'm here today to ask our governor and our legislator to keep Pacific Gas & Electric accountable to these victims."
Governor Gavin Newsom issued a statement saying, "PG&E has a moral and legal obligation to do right by wildfire survivors, and I will do everything in my power to ensure these survivors are treated fairly."
One of PG&E's largest shareholders also called on the utility to abandon plans for bankruptcy. BlueMountain Capital sent a letter that reads in part, "A careful analysis will show that all stakeholders will be harmed by bankruptcy."
In an email Tuesday, PG&E repeated its contention that bankruptcy is "the only viable option ... and will maximize the value of the enterprise for the benefit of all stakeholders."
Former CPUC Commissioner Catherine Sandoval tells the ABC7 News I-Team that the utility should raise cash instead of going bankrupt, starting with putting its San Francisco headquarters up for sale.
Sandoval also says PG&E faces other barriers if it goes the bankruptcy route, "What about the government shut down? The federal courts are saying they run out of money this Friday and so bankruptcy cases are already being delayed."
If you have a tip about PG&E, its bankruptcy or cause of any of the wildfires, leave a message for Dan Noyes at 1-888-40-I-Team or email him through the I-Team page.
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