Pacific Gas & Electric, the California utility that faces billions of dollars in wildfire damages, hopes to use its bankruptcy to reduce its liabilities and emerge a more stable company.

But the company’s management and board of directors might not have all that much control over the outcome.

Before a bankruptcy judge has even had a chance to delve into PG&E’s financial problems, investors, lawmakers, regulators and customers are trying to exert authority over the utility and shape its future.

The latest

BlueMountain Capital, a New York investment firm that owns PG&E stock, said on Wednesday that it had recruited 13 people to replace the company’s directors, though it did not name them. The move came days after PG&E’s board said it was also seeking to replace at least half of its current group of 10 members .