Author: Sept. 26, 2019  Utility Dive

Dive Brief:

  • A group of Pacific Gas & Electric noteholders on Wednesday proposed injecting $29.2 billion in new money into the bankrupt utility in exchange for control of the company and new debt ahead of the Thursday deadline for the utility’s exclusive filing period.
  • The proposal includes $14.5 billion to pay fire victims and $11 billion for insurance subrogation claims. In exchange, noteholders want 59.3% of the reorganized PG&E’s outstanding common stock.
  • Earlier this month PG&E filed its own plan for exiting Chapter 11, which included $17.9 billion to pay wildfire claims. On Wednesday, the utility requested a federal bankruptcy judge extend its period of exclusivity, during which only it can propose a reorganization plan, until Nov 29.