Dan Loeb's Third Point Builds Position in PG&E's Debt
- Hedge fund listed utility among top five positions in letter
- PG&E has undergone management overhaul since bankruptcy filing
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Dan Loeb’s Third Point has built a sizable position in the debt of embattled California utility PG&E Corp., according to a person familiar with the matter.
The New York-based hedge fund listed PG&E as its fifth-largest investment in its monthly letter to investors, according to a copy of a letter reviewed by Bloomberg. The size of the position, which wasn’t disclosed, is entirely in the company’s debt, the person said, asking not to be identified because the details are private. The stake is smaller than Third Point’s Campbell Soup Co. holding, which is valued at about $693 million, according to data compiled by Bloomberg.