Ferocious wildfires have inflicted several years of death and destruction on California. But they have also presented the state with an opportunity to radically overhaul the company prominently implicated in the fires, Pacific Gas & Electric.

The most powerful proponent of far-reaching changes, Gov. Gavin Newsom, is threatening a state takeover if the giant utility fails to reshape itself to his liking. With a key deadline approaching in PG&E’s bankruptcy case, the question is whether he is prepared to follow through — and what consequences could follow.

The state is technically on the sidelines in the San Francisco bankruptcy proceeding where PG&E is pressing forward with its own restructuring plan. The company achieved a breakthrough recently in uniting shareholders and creditors behind the plan, which it says would satisfy the claims of wildfire victims as well.

But PG&E has to emerge from bankruptcy by June 30 — on terms acceptable to the governor — in order to take part in a new $20 billion state fund designed to shield large utilities from large wildfire claims. Without that protection, PG&E’s restructuring plan would fall apart and its viability would be in question.