PG&E Seeks More Than $14 Billion in Equity for Restructuring

  • PG&E is circulating its proposal before Sept. 9 court deadline
  • Estimate for wildfire liabilities is absent from draft plan
Lock
This article is for subscribers only.

PG&E Corp. is floating a restructuring plan that calls for more than $14 billion in equity commitments -- while giving no clear picture of what its liabilities may be.

In a draft term sheet, PG&E laid out a reorganization proposal that would have it exiting the largest utility bankruptcy in U.S. history next year by using a mix of debt and equity to cover the costly claims it faces from wildfires that its equipment ignited. The company fell short, however, of giving an actual estimate for those claims, and the plan is due to be filed Monday.