PG&E Corp. said yesterday that its chapter 11 reorganization plan has been confirmed by a California power regulator, bringing the power provider one step closer to emerge from bankruptcy and participate in a state-backed wildfire fund, Reuters reported. The decision by the California Public Utilities Commission (CPUC) also approved the company’s request to issue new debt and securities to finance its exit from bankruptcy, PG&E said in a statement. The San Francisco-based utility had filed for chapter 11 bankruptcy protection in January last year, citing potential liabilities exceeding $30 billion from major wildfires sparked by its equipment in 2017 and 2018. The company needs to exit bankruptcy by June 30 to participate in a state-backed wildfire fund that would help reduce the threat to utilities from wildfires. The power provider has had a tumultuous phase since the filing, with CPUC having asked the company in April for governance and oversight changes to its reorganization plan. Governor Gavin Newsom too had previously raised concerns about the plan.