Liam Denning, Columnist

Elliott’s Arrival Shows Just How Friendless PG&E Is

With few options available, the utility’s rescue won’t come cheap.

January 28, 2019 at 9:11 PM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

Here come the hedge funds.
Photographer: Justin Sullivan/Getty Images North America

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In case you hadn’t realized PG&E Corp.’s financial distress will end up costing Californians a bundle, Elliott Management Corp. just showed up.

The activist fund manager has pulled together a consortium offering $4 billion of funding aimed ostensibly at keeping PG&E out of bankruptcy, as reported by Bloomberg News Monday. While likely structured as a secured loan with an option to convert into equity down the line, terms are undisclosed for now.