PG&E Plunges as It Loses Exclusive Control of Bankruptcy
- Group led by Elliott, Pimco pitching alternative to PG&E plan
- Judge Montali left control in PG&E’s hands in August ruling
Photographer: Justin Sullivan/Getty Images
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Just as California power giant PG&E Corp. was rolling out an unprecedented blackout to avoid sparking new wildfires, it was dealt a blow in its bankruptcy case.
U.S. Bankruptcy Judge Dennis Montali on late Wednesday stripped the utility of exclusive control over its reorganization process. Shares plunged as much as 36% Thursday before the start of regular trading on Wall Street.