SACRAMENTO — Seeking to speed up the utility’s bankruptcy case, Gov. Gavin Newsom has asked PG&E Corp. executives, shareholders and creditors to convene next week to “jumpstart those negotiations.”

Newsom said Friday that he was concerned the process was not progressing smoothly and he wants to help broker a resolution to the bankruptcy so that focus could shift to a more fundamental transformation of the company.

Though the parties have not yet agreed to meet with the governor in Sacramento, Newsom expressed confidence that PG&E would participate. The utility must exit bankruptcy by the end of June to access a new state fund that would help PG&E pay for damage from future wildfires caused by its equipment.

But if the company doesn’t reach a resolution quickly, Newsom said, a state takeover is on the table, a position the governor has previously been reluctant to embrace.

“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,” he said at a news conference at the Capitol. “The state will prepare itself as backup for a scenario where we do that job for them.”

The governor also named his Cabinet secretary, Ana Matosantos, to lead a new energy team within his administration that would explore options to overhaul PG&E if the company is unable to reach a settlement. Matosantos previously worked as state finance director for former Govs. Arnold Schwarzenegger and Jerry Brown, and before joining the Newsom administration, she served on the advisory board appointed by former President Barack Obama to manage Puerto Rico’s fiscal crisis.

“The entire system needs to be reimagined,” Newsom said. “It’s rather remarkable the state would be doing that, and not the utility itself, but that’s the moment we are in.”

The fate of the company, however, will ultimately fall to U.S. Bankruptcy Court Judge Dennis Montali, who has overseen the case since PG&E declared bankruptcy in January. On Monday, Montali ordered PG&E into mediation with a rival group of fire victims and bondholders that has put forward its own plan to restructure the utility. Newsom said he had been in touch with the newly appointed mediator.

PG&E said it welcomed the state’s “engagement in these vital matters.”

“We share the governor’s focus on reducing wildfire risk across California and understand that PG&E must play a role in these efforts,” the company said. “PG&E is committed to working with all stakeholders to make the necessary changes moving forward to be the company our customers and communities want and deserve.”

Newsom has been under intense public pressure to take action on PG&E in recent weeks, as a series of intentional power outages plunged millions of Californians into the dark for days at a time. With the shut-offs, PG&E was trying to avoid its equipment sparking more deadly fires during extreme wind conditions, like those in 2017 and 2018 that led the company to file for bankruptcy protection.

Firefighters are still working to put out the Kincade Fire in Sonoma County, which erupted last week shortly after a high-voltage PG&E power line malfunctioned nearby. The cause of the fire has not been determined.

The latest disasters have renewed calls for a major overhaul of the utility, including from Newsom, who has urged private investors to put forward bids for PG&E. Both San Francisco and San Jose have floated plans to take over company lines to be run by their own municipal electric utilities.

The California Public Utilities Commission is also preparing to investigate allegations that PG&E did not follow its own protocol when it began the mass blackouts early last month. Newsom appointed an experienced state official, Marybel Batjer, as the commission’s president in July.

Jared Ellias, a professor of corporate bankruptcy law at UC Hastings College of the Law, said Newsom’s intervention in the mediation could potentially help if he can offer something new to the negotiations, such as support for legislation that PG&E unsuccessfully sought last year allowing the company to issue billions of dollars in bonds to pay compensation due to wildfire victims.

“But the parties won’t make a deal until they’re ready to make a deal,” Ellias said. “He doesn’t have superpowers.”

While the reality of the most recent spate of fires where PG&E equipment is a concern may provide a boost of urgency to discussions, Ellias added, the threat of a state takeover is probably not effective until an actual proposal materializes.

“I don’t know that Wall Street really believes the governor wants to run this company as a state agency,” he said.

PG&E said Friday that 200 homes and businesses were still without power as a result of the two most recent fire-prevention blackouts, which at their peak affected 1.1 million customers, or more than 3 million people.

Separately, the Contra Costa County Fire Protection District said power lines were the cause of three fires — two in Lafayette and one in Martinez — that broke out Sunday amid high winds. PG&E also told regulators that its workers found a downed wire at the site of another fire that day in Milpitas and that fire department investigators took the wire as evidence.

Chronicle staff writer Roland Li contributed to this report.

Alexei Koseff is a San Francisco Chronicle staff writer. Email: alexei.koseff@sfchronicle.com Twitter: @akoseff