Montali has encouraged PG&E and some of its major creditors to pursue a deal that would leave current PG&E shareholders with only a small stake in the company.  Part of that deal could include PG&E sell off valuable assets to SSJID and other local agencies. SSJID is convinced this is fair not only to PG&E’s shareholders and customers, but also to the thousands of people and businesses in San Joaquin County who would benefit from lower electric rates.

San Francisco is joining South San Joaquin Irrigation District in a bid to convince a federal bankruptcy court that selling them PG&E retail distribution assets within their jurisdiction will give the financially shaky for-profit utility cash to help cover $30 billion in liabilities.

The South San Joaquin Irrigation District has submitted an offer to buy electric assets from Pacific Gas & Electric in the utility company’s ongoing federal bankruptcy proceeding. The $116 million offer would provide additional cash to creditors and other claimants who expect to suffer losses in the PG&E bankruptcy.