A committee of bondholders of PG&E Corp's utility unit on Tuesday proposed ...
SAN FRANCISCO - A committee of bondholders of PG&E Corp’s utility unit on Tuesday proposed a bankruptcy reorganization plan that would inject up to $30 billion to help the California power provider emerge from Chapter 11 and pay off its liability from wildfires.
PG&E has been too slow to file its own plan and “the need to exit bankruptcy expeditiously is paramount,” the committee said in its filing, adding its plan would provide up to $16 billion to compensate all of PG&E’s pre-bankruptcy wildfire claims. San Francisco-based PG&E sought Chapter 11 bankruptcy protection in January in the aftermath of devastating wildfires in Northern California in 2017 and 2018 that left the company anticipating $30 billion in liabilities blamed on its equipment.
The committee also said its plan will provide for a quick exit from bankruptcy for PG&E that maintains an investment-grade rating for the power provider.
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