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Appaloosa and Baupost Among Hedge Funds Boosting PG&E Holdings

California Utility PG&E Prepares For Bankruptcy Filing

Photographer: Justin Sullivan/Getty Images

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David Tepper and Seth Klarman have increased their bets on bankrupt California utility giant PG&E Corp.

Tepper’s Appaloosa Management added about 16.6 million shares of San Francisco-based PG&E during the first quarter, raising its stake to 23.1 million shares, according to a filing Wednesday. Klarman’s Baupost Group picked up 9 million PG&E shares, bringing its stake to 24.5 million shares.