PG&E gains after filing updated restructuring plan; WeWork rises as new CEO named

By James McCandless

San Antonio, Feb. 3 – The beginning of the week in the distressed debt market saw strength from volume leaders.

PG&E Corp.’s notes gained after the company filed an updated restructuring plan that it hopes wins the approval of California governor Gavin Newsom.

The 6.05% notes due 2034 improved by 1 point to close at 116 bid.

Late Friday, the San Francisco-based bankrupt electric utility announced that it had submitted a reworked restructuring plan in bankruptcy court.

The amended plan calls for a reconfiguration of its board of directors, staffing it with safety experts and mandating that half of the members live in California.

While the company submitted the changes in order to win the approval of California governor Newsom, the plan lacks a provision for a state takeover.

Newsom has been pushing for the provision as part of his list of prerequisites for approval.

Real estate startup WeWork Cos. Inc.’s issues were on the rise as the company appoints a new chief executive officer.

The 7 7/8% senior notes due 2025 rose ½ point to close at 77¾ bid.

Over the weekend, news broke that the New York-based coworking startup has appointed real estate executive Sandeep Mathrani as its CEO.

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