PG&E Working to Fill $4.6 Billion Financing Hole in Bankruptcy
- California utility replaced pacts with new ones over weekend
- Some may not be ‘comfortable’ with new commitments: analyst
Photographer: David Paul Morris/Bloomberg
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PG&E Corp., the California utility giant that went bankrupt in January after its equipment ignited deadly wildfires, is trying to fill a $4.6 billion hole in financing to fund a restructuring plan.
The power company, California’s largest, is having to go back and renegotiate deals with investors who had committed to supplying $14 billion for its reorganization because it’s still working on a settlement with fire victims. The company disclosed that it lined up $7.4 billion in new commitments over the weekend but needs to reach $12 billion by Dec. 6.