Regulators approve PG&E to obtain credit, loans while under Chapter 11 bankruptcy

SAN FRANCISCO, Calif. (AP) — California regulators have approved a measure allowing Pacific Gas & Electric Corp. to immediately obtain credit and loans while the company is under Chapter 11 bankruptcy protection.

The California Public Utilities Commission approved the motion at a raucous last-minute meeting Monday over the chants of protesters yelling "Shame!"

About two dozen protesters holding signs that read "No PG&E bailout" demonstrated ahead of the meeting, which cleared a major hurdle to a bankruptcy filing by PG&E.

The protesters said the California Public Utilities Commission is prioritizing big banks that would provide money to PG&E in bankruptcy over rate payers and fire victims.

Commissioners agreed the situation was an emergency, allowing little notice to the public, as people in the audience booed.

The commission then began taking public comment. Speaks blaster the commission for the late notice of the meeting and accused them of bailing out PG&E despite its role in wildfires.

California law generally requires multiple days of notice for public meetings. The CPUC cited an exception for emergency situations that affect public health or safety.