(CNN) The state of California could take over Pacific Gas and Electric if the utility company does not pull itself out of bankruptcy by the middle of next year, California Gov. Gavin Newsom said in a news conference Friday.

"PG&E as we know it may or may not be able to figure this out. If they cannot, we are not going to sit around and be passive," Newsom said. "If Pacific Gas and Electric is unable to secure its own fate and future ... then the state will prepare itself as backup for a scenario where we do that job for them."

The Northern California utility, which has come under fire recently for cutting power to thousands of people as part of its plan to prevent wildfires, filed for bankruptcy protection in January while facing billions of dollars in claims tied to deadly fires. Newsom said that his office aims to get the company out of bankruptcy by June 30, 2020 by first working on a plan with PG&E and other stakeholders.

"We want to bring everyone together, we want to broker a deal. It's what we do," he said.

But if an agreement isn't reached, he said, the state could step in.

From left, California Governor Gavin Newsom, L.A. City Councilman Mike Bonin, and L.A. City Mayor Eric Garcetti tour a burned home along Tigertail Road in Brentwood, California.

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