Deals
PG&E Creditors Push to Wrench Control From Bankrupt Utility
- Ad-hoc committee says it has ‘only credible’ plan for PG&E
- Bankruptcy judge expected to decide on request Wednesday
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A group of PG&E Corp. creditors is making a final push to present a rival restructuring plan rather than let the bankrupt utility continue to control its own reorganization.
The ad hoc committee of unsecured noteholders -- led by Pacific Investment Management Co., Elliott Management Corp. and Davidson Kempner Capital Management -- said in a bankruptcy court filing Tuesday that its proposal is the “only credible, confirmable plan” for the utility.