A committee of creditors is recommending the more than 10 thousand businesses that are owed money by bankrupt Pacific Gas and Electric Company vote on two competing plans to reorganize the utility. The group had only endorsed P-G-and-E´s plan. But now it also supports the state Public Utilities Commission´s plan. The state says its plan would give unsecured creditors the chance to approve a plan in the public interest, rather than in the interest of company shareholders.
This post was last modified on 01/31/2009 5:27 pm