PG&E says bankruptcy court approves its Chapter 11 reorganization plan

(Reuters) – PG&E Corp said its Chapter 11 reorganization plan has been confirmed by the United States Bankruptcy Court for the Northern District of California, bringing the power provider one step closer to emerge from bankruptcy and participate in a state-backed wildfire fund.

The court’s approval follows the confirmation of the plan by power regulator California Public Utilities Commission in May.

“Today’s ruling in the Chapter 11 proceeding concludes the process of approving PG&E’s Plan of Reorganization”, the San Francisco-based utility’s Chief Executive Officer and President Bill Johnson said in a statement on Saturday.

(Reporting by Kanishka Singh in Bengaluru; Editing by Marguerita Choy)