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."