A federal judge on Friday allowed PG&E Corp to retain the sole rights to propose...
FILE PHOTO: PG&E crew work to repair damage caused by the Camp Fire in Paradise, California, U.S. November 21, 2018. REUTERS/Elijah Nouvelage/File Photo
Judge Dennis Montali of the U.S. Bankruptcy Court in San Francisco turned down requests from two groups of creditors wanting to propose a Chapter 11 exit plan for PG&E, which is facing huge liabilities from California wildfires. Montali said he believed allowing PG&E to retain the right to lead the process would be a speedier resolution for victims of fires that were caused by equipment belonging to the California utility, according to the court documents.“PG&E has made significant progress in further refining a viable, fair, and comprehensive plan of reorganization,” the company said in a statement.
Hedge funds Knighthead Capital Management and Abrams Capital Management, which are shareholders in PG&E, made a public proposal earlier this month to raise $15 billion in equity to fund a planned reorganization and pledged to purchase a portion of the offered equity if shares are left unsold.
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