Deals
PG&E Creditors Push for Rival Pimco-Led Restructuring Plan
- Ad hoc group’s plan contemplates $30 billion in new money
- Creditor plan could see PG&E renamed Golden State Power
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A group of creditors angling for control of PG&E Corp. is pushing to scuttle the bankrupt utility’s $31 billion restructuring plan.
An ad hoc committee of unsecured lenders filed a motion to terminate the period of exclusivity that PG&E has to file a plan for emerging from Chapter 11, according to a court filing Tuesday. That period ends on Sept 26. While it is in effect nobody else can submit a reorganization plan.