PG&E announces further committed financing offers for reorganization

By Wendy Van Sickle

Columbus, Ohio, Aug. 12 – PG&E Corp. and Pacific Gas and Electric Co. said that, following the earlier proposal made by Abrams Capital Management and Knighthead Capital Management, PG&E has been offered substantially similar equity capital commitments from a number of financial institutions in support of its plan of reorganization.

The commitments now exceed $12 billion, according to a company press release issued Monday evening.

“PG&E intends to continue to work collaboratively with all stakeholders as we further refine a plan of reorganization that meets the objectives outlined in our second-quarter earnings release and recent filings with the bankruptcy court,” the release states.

The electric and natural-gas utility is based in San Francisco. The company filed bankruptcy on Jan. 29, 2019 in the U.S. Bankruptcy Court for the Northern District of California under Chapter 11 case number 19-30088.

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