Deals
Pimco, Elliott Group Press Newsom to Reject PG&E’s Restructuring Plan
- Group led by Pimco, Elliott pitched rival restructuring idea
- Creditors seeking California governor’s help killing PG&E deal
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A group of creditors have lobbied California Governor Gavin Newsom to reject PG&E Corp.’s restructuring plans in a last-ditch effort to gain control of the bankrupt utility, people familiar with the situation said.
The bondholders led by Pacific Investment Management Co. and activist investor Elliott Management Corp. want Newsom to use his veto power over a $13.5 billion settlement that PG&E reached with wildfire victims last week. Newsom has until Friday to approve the deal or reject it because it fails to meet state standards.