NEW YORK, Jan. 2 (UPI) -- The resurgence of California's biggest utility will mean a sizeable windfall for some executives and banks though customers are footing most of the bill.
The plan to pull Pacific Gas & Electric out of bankruptcy, approved by California regulators on Dec. 18, will result in more than $83 million in special cash payments to 17 current and former executives of the utility's parent, PG&E Corp., the Wall Street Journal said Friday.
The plan also will allow two investment banks, which will arrange a refinancing of the San Francisco utility, to garner roughly $100 million in fees.
PG&E creditors are receiving all of the money owed them through ratepayer levies while shareholders in PG&E aren't being forced to chip in financially,
PG&E executives and some who have left the company will get their money as a result of so-called phantom stock they were allotted at the height of the California energy crisis in 2001.
