California utility scrambles to renegotiate wildfire deal

California Gov. Gavin Newsom's opposition to Pacific Gas & Electric's restructuring plan is forcing the nation's largest utility to go back to the negotiating table and come up with a solution quickly.

Just last week, the San Francisco-based company struck a $13.5 billion settlement with thousands of people who lost homes, businesses and family members in a series of devastating fires that drove PG&E into bankruptcy.

The utility filed an amended reorganization plan after striking a settlement with the victims. But Newsom said Friday the plan didn't go far enough in addressing what he considers its most important elements: providing safe and reliable power to PG&E customers.

Now, the company has until tomorrow to appease Newsom and get him to sign off on the plan.