PG&E Lines Up $5.5 Billion to Fund 2-Year Bankruptcy Process
- Four banks agree to provide debtor-in-possession financing
- Utility reiterates plan to seek Chapter 11 protections
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PG&E Corp. expects its looming bankruptcy to take about two years to resolve and has arranged $5.5 billion to fund its operations during the process. Its shares and bonds both gained.
Four banks agreed to provide debtor-in-possession funding including a $3.5 billion revolving credit facility, the embattled California utility said in a filing.