PG&E Corp. tells court it could file bankruptcy exit plan by September 9

摘要

PG&E Corp. told a bankruptcy court it can have a Chapter 11 exit plan ready to file by September 9 and said a number of financial institutions have assured PG&E that $35 billion to $40 billion of both debt and equity can be raised to satisfy wildfire claims and to refinance indebtedness. In a Monday “supplemental” filing with the US Bankruptcy Court for the Northern District of California in San Francisco, PG&E Corp. and its utility subsidiary Pacific Gas and Electric said they are “deeply involved in the process of refining a Chapter 11 plan that will fully address all of the recent legislative enactments” and ensures that they emerge from bankruptcy by the June 30, 2020 deadline set by the state’s legislature.