Deals
PG&E Creditors to Boost Restructuring Plan to $45 Billion
- Committee could present plan to the courts to speed up process
- California utility filed for bankruptcy amid wildfire claims
A Pacific Gas & Electric Co. (PG&E) employee digs a trench to locate gas lines in Paradise, California, U.S., on Tuesday, Jan. 22, 2019.
Photographer: David Paul Morris/Bloomberg
This article is for subscribers only.
A group of PG&E Corp. creditors could preempt the embattled California utility’s own attempt to claw its way out of bankruptcy by presenting a restructuring plan that could be worth at least $45 billion, according to people familiar with the matter.
The plan builds on a proposal floated earlier this year. The updated plan includes substantially more cash for compensating existing wildfire victims, establishing a new statewide wildfire liability fund and recapitalizing PG&E, said the people, who asked not to be identified because the details are private.