Deals
PG&E Receives $4 Billion Plan From Investors to Head Off Bankruptcy
- Elliott among consortium offering $4 billion convertible debt
- A rival rescue group is said to include Citadel and Apollo
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PG&E Corp., the California utility giant that’s hours away from a potential bankruptcy filing, is fielding last-minute proposals from some of the biggest names in the investment world to keep it solvent.
A consortium including Paul Singer’s Elliott Management Corp. sent a proposal to PG&E Monday that would be backed by $4 billion in bonds and could give the company enough cash to stay out of bankruptcy while working through an estimated $30 billion in wildfire liabilities, a person with knowledge of the situation said. At least one other group that includes Ken Griffin’s Citadel LLC and Leon Black’s Apollo Global Management LLC is pitching a rival plan, separate people said.