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A Pacific Gas & Electric Co. (PG&E) employee works in Paradise, California.Photographer: David Paul Morris/Bloomberg

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By Mark Chediak, Scott Deveau, and Allison McNeely

March 1, 2019 at 5:57 PM UTC

Updated on

March 1, 2019 at 8:10 PM UTC

This article is for subscribers only.

BlueMountain Capital Management LLC has found a potent ally in its fight to overhaul leadership of bankrupt utility giant PG&E Corp: activist investor ValueAct Capital Management.

BlueMountain, a PG&E shareholder that pushed to keep PG&E out of bankruptcy, launched a proxy fight to replace its board in the days prior to the company’s Chapter 11 filing in January and has been seeking support from other investors.