A U.S. judge said on Tuesday that PG&E Corp cannot resume dividends and must use...
SAN FRANCISCO - A U.S. judge said on Tuesday that PG&E Corp cannot resume dividends and must use the money to reduce wildfire risk in California, stopping short of more costly measures he proposed earlier this year.
The terms will, however, keep PG&E under the supervision of Judge William Alsup of the U.S. District Court for the Northern District of California and hold the company, which also is in Chapter 11 bankruptcy, to its target for clearing areas around its power lines of some 375,000 trees this year. At a January hearing, Alsup, who is overseeing PG&E’s probation, said he felt compelled to propose additional probation terms in the aftermath of Camp Fire. San Francisco-based PG&E expects its equipment will be found to have caused the blaze.As the company faces $30 billion in wildfire liabilities and bankruptcy proceedings, the energy company is expected to name as its new chief executive Bill Johnson, a source said on Tuesday.
The judge said PG&E will not be able to pay shareholders until it complies with his new probation terms. PG&E paid $798 million in dividends in 2017 and $925 million in 2016, a period in which the company did a poor job of clearing areas around its power lines of hazardous trees, according to Alsup.
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