Authorization

PG&E is nearing bankruptcy and a group of investors are reportedly teaming up to try and stop it (PCG)

PG&E is nearing bankruptcy and a group of investors are reportedly teaming up to try and stop it (PCG)
Justin Sullivan/Getty Images



PG&E, California's biggest utility provider, said on January 14 that it intends to file bankruptcy as a result of its potential liabilities tied to last November's deadly California wildfire.




Last week, a new finding from the California Department of Forestry and Fire Protection concluded that the California utility wasn’t responsible for the 2017 Tubbs Fire, the second-most-destructive fire in the state's history.




Spurred by the new finding, a group of hedge funds, including Paul Singer’s Elliott Management, has sent PG&E a $4 billion financing proposal that could keep it from bankruptcy.




Watch PG&E trade live.




PG&E, California's biggest utility provider, reportedly received a $4 billion plan Monday to keep it from filing for bankruptcy as a result of its potential liabilities tied to last November's deadly California wildfire. Shares were up as much as 20% following the news before returning to the flat line.
A group of hedge funds, including Paul Singer's Elliott Management, has sent PG&E a financing proposal backed by convertible notes maturing in about five years, Bloomberg reported, citing sources familiar with the matter. At least one other group, that includes Ken Griffin's Citadel, is pitching a competing financing plan that would save the company from bankruptcy, Bloomberg's sources said. Citadel is among the biggest shareholders of PG&E, owning a 0.55% stake.
On January 14, the company said it intends to file bankruptcy petitions at the end of the month to reorganize under Chapter 11 protection — two months after the deadliest and most destructive wildfire in California history broke out. PG&E said it was having trouble with its transmission lines when the blaze erupted and that it may be responsible.
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«    Сентябрь 2020    »
ПнВтСрЧтПтСбВс
 123456
78910111213
14151617181920
21222324252627
282930