Because the glide slope had been removed from service, Air Cal Flight 754 was vectored by the Ontario TRACON 'N' controller for a localizer only approach to runway 26L. The first officer stated he descended to 1,200 ft after passing the FAF/OM. The captain then told him to hold his altitude because he was in the process of identifying the location of BAKES intersection (1,500 ft MSL must be maintained until passing BAKES). Shortly after this, the aircraft collided with a powerline about 3 miles from the approach end of 26L and 1.7 miles before reaching BAKES. The crew then performed a missed approach and diverted to Los Angeles International where the aircraft proceeded to run off the runway due to loss of effective braking and reverse thrust. Controllers handling the flight stated they saw a minimum safe altitude warning (MSAW) for the flight just prior to Air Cal but did not see or hear an alert for Flight 754. Information on the continuous disc recording showed that an MSAW was sounded for both aircraft.