State regulators let PG&E obtain credit and loans while under bankruptcy protection
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California regulators have approved a measure allowing Pacific Gas & Electric Corp. to immediately obtain credit and loans while the company is under Chapter 11 bankruptcy protection.
The California Public Utilities Commission approved the motion at a raucous last-minute meeting Monday over the chants of protesters yelling “Shame!”
READ MORE: PG&E hasn’t run out of money. So why did it file for bankruptcy? »
Commissioners agreed the situation was an emergency, allowing little notice to the public, as people in the audience booed. The commission then began taking public comment. Speakers blasted the commission for the late notice of the meeting and accused them of bailing out PG&E despite its role in wildfires.
California law generally requires multiple days of notice for public meetings. The PUC cited an exception for emergency situations that affect public health or safety.
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