California gets time on bids to reorganize PG&E

A federal judge has granted a two-week period for California officials to develop a way to evaluate competing bids to restructure Pacific Gas & Electric and pull it out of bankruptcy.

Gov. Gavin Newsom's administration and state regulators requested the time to work with PG&E Corp. and two groups of investors who want to take over the troubled utility.

PG&E filed for bankruptcy amid an estimated $30 billion in liabilities from recent wildfires its equipment may have ignited.

A group of insurers and a group of PG&E bondholders are seeking to end the company's sole right to file a reorganization plan, asserting they have a better proposal.

State officials say they want to see the best plan for California ratepayers and keep PG&E on track to resolve its bankruptcy case by next June.