Pacific Gas & Electric, the giant California utility, said Wednesday that it had resolved differences with its creditors over how to restructure the company, clearing one of the last major hurdles to its exit from bankruptcy.

But even before the announcement was made, Gov. Gavin Newsom declared that the plan was insufficient. He said it did too little to assure “safe, reliable and affordable power for Californians” after the series of wildfires attributed to the company’s equipment.

The company’s billions of dollars in liabilities from those fires drove it to seek bankruptcy protection a year ago. The governor’s approval of its reorganization plan is essential for PG&E to take part in a $20 billion fund intended to help shield the state’s utilities from damage claims in future fires.

Mr. Newsom’s objections were filed with the federal bankruptcy court hearing the case in San Francisco. The terms of the PG&E agreement with bondholders were to have been considered at a hearing on Thursday, but the judge put off the matter until next week.