PG&E's key lenders have offered a $30-billion plan to pull the utility out of bankruptcy and give the tarnished company a new name.
A hotel burns on Nov. 9, 2018, as the Camp fire tears through Paradise, Calif. Potential liabilities from the blaze effectively push PG&E to file for bankruptcy.
The proposal filed Tuesday in U.S. Bankruptcy Court would set aside up to $18 billion of that $30 billion to pay claims on the 2017 and 2018 wildfires caused by PG&E equipment, theThe plan offered by PG&E’s leading bondholders would compete with an alternative that the newspaper says is being drafted by PG&E.
The bondholders include some of the biggest investors on Wall Street, including Elliott Management, Pimco and Apollo Global Management. They have been quietly promoting a PG&E restructuring plan for weeks in conversations with legislators, Newsom’s aides and others. Tuesday’s court filing marks the first time they have taken the proposal public.
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