PCG - PG&E Corporation

NYSE - NYSE Delayed price. Currency in USD
13.73
+1.19 (+9.49%)
At close: 4:04PM EST

13.85 +0.12 (0.87%)
After hours: 7:35PM EST

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Previous close12.54
Open13.50
Bid13.92 x 1800
Ask13.92 x 900
Day's range12.93 - 14.15
52-week range3.55 - 25.19
Volume22,919,461
Avg. volume22,785,637
Market cap7.266B
Beta (5Y monthly)0.56
PE ratio (TTM)N/A
EPS (TTM)-20.75
Earnings date25 Feb 2020 - 01 Mar 2020
Forward dividend & yieldN/A (N/A)
Ex-dividend date26 Sep 2017
1y target est14.13
  • PG&E Wins Support From Key Bondholders for Restructuring Plan
    Bloomberg

    PG&E Wins Support From Key Bondholders for Restructuring Plan

    (Bloomberg) -- After spending almost a year at war with some of the biggest names in the financial world, bankrupt utility PG&E Corp. has finally got them on its side. Now it needs to win over California’s governor.Late Wednesday, PG&E reached a settlement with noteholders led by bond giant Pacific Investment Management Co. and activist investor Elliott Management Corp., who sought to derail the company’s $46 billion restructuring plan. The deal turns some of PG&E’s most formidable adversaries into backers of its turnaround proposal, bringing the company closer to gaining approval by a state deadline of June 30 and emerging from the biggest utility bankruptcy in U.S. history.There’s one problem: Governor Gavin Newsom, whose backing is crucial to PG&E’s restructuring, is still trying to block its plan. He rejected the proposal last month, raising concerns about its financing and governance. And the company has “yet to make a single modification” to ease them since, the governor said in a court filing less than two hours before PG&E announced the deal with bondholders.Read More: PG&E, Newsom Clash Over a Clause That May Allow State TakeoverCalifornia’s largest utility declared bankruptcy almost a year ago after its equipment was blamed for a series of catastrophic wildfires that killed more than 100 people and saddled the company with $30 billion in liabilities. It has since struck deals with almost every major stakeholder group, including the victims of the blazes and their insurers.Shares, which have lost almost half their value since the start of 2019, rose 4.3% at 9:47 a.m. in New York on Thursday.Elected OfficialsPG&E’s deal with bondholders is “a clear positive,” Bank of America analysts led by Julien Dumoulin-Smith said in a research note. While Newsom’s demands remain a challenge, PG&E appears willing to compromise, the analysts wrote.PG&E Chief Executive Officer Bill Johnson said in a statement that the company remains “focused on working with key stakeholders, including elected officials and our state regulator, on how PG&E will look, act, and be held accountable as we emerge from Chapter 11.”Meanwhile, Newsom said in his filing Wednesday that the company’s plan, as it stands, still doesn’t comply with state law. He accused PG&E of taking advantage of the Chapter 11 process and to force state officials into approving a “sub-optimal” plan.What Bloomberg Intelligence Says“California Governor Gavin Newsom, the last roadblock to PG&E’s planned bankruptcy exit now that bondholders have settled, could get offers addressing his concerns before the utility’s scheduled Jan. 31 regulatory filing, we believe. PG&E’s bondholder deal saves about $1 billion, reducing costs to customers -- an important consideration for regulators.”\-- Kit Konolige, senior utilities analystClick here to read the report.Newsom said the company’s plan would pay $1 billion in financing fees and continues to depend on substantial debt and short-term bridge financing that would leave the utility without the resources it needs to invest billions of dollars in safety upgrades. He has also pressed for language that would allow the state to take it over should it fail to meet future safety standards. The provision emerged as a major point of contention between the governor’s office and PG&E in negotiations.PG&E said it was aware of Newsom’s concerns and that additional changes to its plan were forthcoming. The company said in a state filing last week that it may make “material” changes to the non-financial terms of its bankruptcy exit plan, including governance, as a result of talks with the governor’s office.“We expect that the governor will also eventually reach an agreement with the company on its plan to restructure, as the alternative option of a publicly-controlled utility is not an attractive one,” Height Securities LLC analyst Clayton Allen wrote in a research note.$1 Billion SavedAs part of its deal with bondholders, PG&E said it would save about $1 billion by refinancing higher-interest debt. Bonds paying lower interest rates would be reinstated and paid as normal. The new mix of debt will “reduce the weighted average coupon of PG&E’s debt, the company said, consistent with the guidance given to the California Public Utilities Commission.”The agreement also gives the noteholders the chance to participate in any subsequent backstop equity commitments of up to $2 billion under certain circumstances.The bankruptcy case is PG&E Corp. 19-bk-30088, U.S. Bankruptcy Court, Northern District of California (San Francisco)(Updates share price in fifth paragraph, adds analysts comments in ninth and 12th.)\--With assistance from Lynn Doan, Rick Green, Scott Deveau and Joshua Fineman.To contact the reporters on this story: Mark Chediak in San Francisco at mchediak@bloomberg.net;Steven Church in Wilmington, Delaware at schurch3@bloomberg.netTo contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, ;Rick Green at rgreen18@bloomberg.net, Joe Ryan, Joe RichterFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • PG&E strikes deal with creditors over restructuring
    Reuters

    PG&E strikes deal with creditors over restructuring

    PG&E said its creditors, led by Elliott Management and Pacific Investment Management Co, would drop their reorganization plan and support PG&E's proposal, pending approval by a bankruptcy court. The bondholders had previously opposed PG&E's reorganization plan and in December came out with an updated proposal that included a sweetened offer to California wildfire victims, no debt at the reorganized holding company and a new board with residents from California forming the majority of directors.

  • Business Wire

    PG&E Reaches Agreement With Ad Hoc Noteholder Committee

    PG&E Corporation and Pacific Gas and Electric Company (the "Utility"; together, "PG&E") have reached an agreement with all claim holders (the "Consenting Noteholders") who executed commitment letters in support of the alternative Chapter 11 Plan of Reorganization filed by the Ad Hoc Committee of Senior Unsecured Noteholders (the "Ad Hoc Noteholder Committee") in PG&E’s Chapter 11 cases.

  • Bloomberg

    Burying PG&E’s Lines to Stop Fires Could Cost $240 Billion

    (Bloomberg) -- Some of the most widely discussed ways to prevent the massive fires and blackouts that plague California may also be the most expensive, according to BloombergNEF.For instance, burying all 81,000 miles (130,000 kilometers) of PG&E Corp.’s electrical distribution lines so they won’t spark blazes during windstorms could cost more than $240 billion, a BNEF study found. That’s based on a PG&E estimate that moving existing lines underground costs $3 million per mile.A state takeover of the troubled utility would also likely have a hefty price. The book value of PG&E’s electricity assets -- the amount they’d cost if new -- is $62 billion, according to the BNEF study. The state would almost certainly negotiate a lower price to account for depreciation, but it would also have to assume PG&E’s liabilities. Plus, a takeover wouldn’t necessarily prevent fires.“If regulators are willing to allocate enough time and money, most proposals will reduce wildfire risk. None will eradicate risk,” BNEF analyst Helen Kou wrote in the report.The findings underscore the immense challenges California faces as it pushes to end deadly wildfires and the sweeping, deliberate blackouts intended to prevent them. PG&E, the state’s largest utility, filed for Chapter 11 last January facing $30 billion in liabilities from the blazes, which have erupted with increasing frequency as climate change fuels hot, dry weather.Read More: There’s No Easy Way to End California’s Bedeviling BlackoutsIn addition to burying lines and a state takeover, BNEF’s study examined four other possible responses under discussion in California: making sweeping upgrades to the electrical grid, installing backup diesel or gasoline generators, allowing cities to buy pieces of PG&E and building microgrids to limit the size of blackouts.Diesel or gasoline generators would be the cheapest response, costing between $91 and $740 per kilowatt. But that wouldn’t necessarily prevent fires, and burning fossil fuel would undercut the state’s efforts to fight global warming.Microgrids vary widely in price. One recent microgrid project in California cost $7,143 per customer, according to the study, while another is estimated at $5.5 million per customer.To contact the reporter on this story: David R. Baker in San Francisco at dbaker116@bloomberg.netTo contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Joe RyanFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Business Wire

    PG&E Offers Energy Saving Tips for Cold Winter Temps

    Winter in California means heading to the Sierra to enjoy the snow or curling up on the couch binge-watching your favorite shows. It also means that longer nights and colder days likely leads to using more natural gas to heat your home or apartment.

  • Here's Why You Should Add PG&E (PCG) Stock to Your Portfolio
    Zacks

    Here's Why You Should Add PG&E (PCG) Stock to Your Portfolio

    PG&E (PCG) is a promising pick to invest in at the moment on the back of its solid investment strategies.

  • Here's Why You Should Add Black Hills (BKH) in Your Portfolio
    Zacks

    Here's Why You Should Add Black Hills (BKH) in Your Portfolio

    Black Hills (BKH) is an appropriate investment pick, courtesy of these four factors.

  • Zacks.com featured highlights include: Janus Capital, PG&E, J. Alexander's, Hilltop Holdings and Fiat Chrysler Automobiles
    Zacks

    Zacks.com featured highlights include: Janus Capital, PG&E, J. Alexander's, Hilltop Holdings and Fiat Chrysler Automobiles

    Zacks.com featured highlights include: Janus Capital, PG&E, J. Alexander's, Hilltop Holdings and Fiat Chrysler Automobiles

  • Tap These 7 Value Stocks With Impressive Price-to-Sales Ratios
    Zacks

    Tap These 7 Value Stocks With Impressive Price-to-Sales Ratios

    A stock with a lower price-to-sales ratio is a more suitable investment than a stock with a high price-to-sales ratio.

  • PG&E Tries to Assure Strict Judge It’s Safer on Wildfires
    Bloomberg

    PG&E Tries to Assure Strict Judge It’s Safer on Wildfires

    (Bloomberg) -- PG&E Corp. told a federal judge who has kept the troubled utility under a tight leash that it’s close -- but not fully on target --- to complying with all the wildfire prevention measures required under its criminal probation.The utility said it had fallen short of commitments it made under its own safety plan to inspect and repair lines, clear vegetation and cut tree branches near its power lines to maintain safety standards. The disclosure came in a written response Wednesday to questions raised by U.S. District Judge William Alsup, who is overseeing the company’s probation after PG&E was convicted in 2016 of gas-pipeline safety violations.The San Francisco judge has peppered the company with questions for months as he seeks to determine whether its equipment is to blame for any of last year’s wildfires in northern California, as well as how the state’s largest utility managed widespread power outages as a fire prevention measure.The company is forbidden under the terms of its probation from violating any laws. Alsup last year found PG&E had violated probation by failing to report that it reached a settlement in a criminal probe of its role in a northern California wildfire in 2017. After concluding that the company’s record on vegetation management was “dismal,” the judge ordered the utility to make improvements.In Wednesday’s report, PG&E said it “recognizes it has more work to do” to continue to improve its tree trimming and other wildfire safety programs, but said it made significant progress in responding to an increased fire threat. PG&E also defended itself, describing to Alsup, as it has previously, the improbability of being able to patrol all its lines all the time. It also noted that it wasn’t responsible for any deaths last year, and a decrease in the number of fires it caused.Read More: PG&E Faces Strict Probation Judge After Massive Kincade FirePG&E said it hadn’t been able to meet all of the targets set out in its wildfire mitigation plan. For example, the utility said it wasn’t able to complete all of its repair work on power lines it inspected due in part to circumstances beyond its control.The company conceded that one element of vegetation management program was “below target,” based on a commitment last year to “rework” any trees that were previously missed or incorrectly reviewed. “The ‘first pass’ quality results of this work verification process were about 60 percent for the year,” according to the filing. In other categories of the report, such as wildfire safety inspections, PG&E scored itself 100%. In others, such as a sub-category of system hardening, it scored itself 114%.“Perfect compliance would require nothing less than round-the-clock surveillance of all trees within striking distance of PG&E’s equipment to identify and abate any hazard as soon as it arises,” the utility said.Alsup has proven to be a rigorous taskmaster for PG&E. He has warned that anything short of complete compliance could be costly as he continues to wield power over the utility’s operations. PG&E may not learn Alsup’s response until the next hearing in the case, which isn’t currently scheduled.San Francisco-based PG&E filed for Chapter 11 bankruptcy protection in January 2019 after its equipment was blamed for devastating blazes, crippling it with an estimated $30 billion in liabilities. The utility has been trying for months to negotiate a plan to exit bankruptcy that would keep shareholders from being wiped out while paying $13.5 billion to wildfire victims.California has set a June 30 deadline for the utility to win court approval of its reorganization if it wants to participate in an insurance fund that would shield it from future catastrophic wildfire losses.The case is U.S. v. Pacific Gas and Electric Co., 14-cr-0175, U.S. District Court, Northern District of California (San Francisco).(Updates with details of report in fifth paragraph)To contact the reporters on this story: Joel Rosenblatt in San Francisco at jrosenblatt@bloomberg.net;Mark Chediak in San Francisco at mchediak@bloomberg.netTo contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Peter Blumberg, Peter JeffreyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • PG&E’s War With Elliott and Pimco May Be Drawing to Close
    Bloomberg

    PG&E’s War With Elliott and Pimco May Be Drawing to Close

    (Bloomberg) -- The hard-fought battle that’s kept the biggest utility bankruptcy in U.S. history dragging on for almost a year may finally be ending.PG&E Corp. is nearing a deal with a group of noteholders led by bond giant Pacific Investment Management Co. and activist investor Elliott Management Corp., who’ve repeatedly sought to derail the company’s $46 billion restructuring plan. The agreement would entitle them to a mix of equity and new debt in the California power giant if they scrap a rival proposal, people familiar with the matter said, asking not to be identified because the information isn’t public.A deal would turn some of PG&E’s most formidable adversaries into backers of its plan to emerge from bankruptcy and bring it one major step closer to getting a proposal approved by a state-imposed deadline of June 30. The San Francisco-based utility has spent months in court battling the creditors who’ve been offering to inject as much as $20 billion in cash into the company in exchange for virtually all its equity.That would leave California Governor Gavin Newsom as the last major obstacle for PG&E, which was forced into Chapter 11 last year after its equipment was blamed for a series of catastrophic wildfires that saddled the company with $30 billion in liabilities. Newsom rejected PG&E’s latest plan and has been pushing the utility to include a provision that would allow the state to take it over should it fail to meet future safety standards.Read More: PG&E Says Elliott, Pimco Don’t Deserve $5 Billion ‘Windfall’A deal hasn’t yet been struck, and the talks may still break off, the people familiar with the situation said. PG&E said in a statement that it’s been holding discussions with stakeholders on its reorganization and hopes “to make progress over the next week.” A representative for the bondholders didn’t respond to a request for comment.During a court hearing Tuesday, PG&E lawyer Stephen Karotkin told the federal judge overseeing the reorganization that the company and bondholders were in “constructive negotiations.” He didn’t provide details about what an agreement could include.Shares of PG&E surged 8.4% to $12.92 at 9:35 a.m. in New York Wednesday. PG&E bonds fell, with its 6.05% senior unsecured notes maturing in 2034 dropping 0.187 cents on the dollar to 111.44 cents at 8:54 a.m., according to Trace data.The state has set a deadline of June 30 for the utility to win court approval of its reorganization if it wants to participate in an insurance fund that would shield it from future catastrophic wildfire losses.Under the deal being negotiated, the bondholders’ investment in the company would replace some of the exit financing that PG&E is proposing as part of its restructuring, the people said. Bonds paying less than 5% interest would be reinstated as part of the agreement being hammered out, and those above 5% would be revised to 4.75% through a mix of 10-year and 30-year bonds, they said.One of the biggest of PG&E’s bond issues also carries one of the highest interest rates: $3 billion of unsecured notes due in 2034 that pay 6.05%.What Bloomberg Intelligence SaysA reported potential deal between PG&E and its bondholders on make-whole payments -- a key part of its bankruptcy-exit plan -- could pressure the utility’s higher-coupon debt, in our view.\-- Jaimin Patel, senior credit analystClick here to view the piece.The creditors would be given the right to participate in the company’s financial backstop commitments, a move that could hand them a part of the equity financing in the deal, the people said.The two sides were in court to make final arguments about the current bankruptcy exit plan, which would refinance the company’s $17.5 billion bond load. Much of that debt carries higher-than-market interest rates.Bondholders claim the proposal would trigger a customary “make-whole payment” to compensate for the interest income they were promised in future years. PG&E says that being bankrupt voids any such assurances made in its debt contracts.The bankruptcy case is PG&E Corp. 19-bk-30088, U.S. Bankruptcy Court, Northern District of California (San Francisco)(Adds analyst quote, updates shares in seventh paragraph)To contact the reporters on this story: Scott Deveau in New York at sdeveau2@bloomberg.net;Steven Church in Wilmington, Delaware at schurch3@bloomberg.net;Mark Chediak in San Francisco at mchediak@bloomberg.netTo contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, ;Liana Baker at lbaker75@bloomberg.net, Rick GreenFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Business Wire

    PG&E Alerts Customers: Have a Plan for Cold, Wet and Windy Weather

    With unsettled weather expected to return to its service area this week, PG&E is asking customers to have a plan for inclement weather and be prepared for unexpected power outages.

  • PG&E’s $1.7 Billion Fire Settlement Could Mean Big Tax Break
    Bloomberg

    PG&E’s $1.7 Billion Fire Settlement Could Mean Big Tax Break

    (Bloomberg) -- PG&E Corp.’s $1.68 billion settlement agreement with California over wildfires sparked by its power lines could save the bankrupt utility about $470 million in taxes.Nearly all the wildfire recovery and prevention work included in the agreement should be deductible from both its state and federal taxes, PG&E said in a regulatory filing late Friday.The agreement reached with state regulators in December covers Northern California blazes in 2017 and the 2018 Camp Fire, the deadliest in state history. As part of the deal, PG&E agreed not to saddle customers with $1.63 billion in costs it will incur preventing and responding to fires.“Because we will not bill customers for the work, PG&E will incur losses,” PG&E spokeswoman Jennifer Robison said in an emailed statement. “The tax treatment of such losses will be determined in accordance with the federal and state tax code.”The settlement also directs PG&E to spend an additional $50 million on system enhancements and community outreach. It’s unclear whether federal officials will allow the company to deduct that expense from its taxes, PG&E said.The filing also details how much responding to those wildfires has cost San Francisco-based PG&E, which filed for Chapter 11 in January 2019 facing an estimated $30 billion in liabilities. The company, for example, lists $719.4 million in expenses related to the November 2018 Camp Fire, which killed 85 people and leveled the town of Paradise.(Adds company comment in fourth paragraph)To contact the reporter on this story: David R. Baker in San Francisco at dbaker116@bloomberg.netTo contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Joe Ryan, Steven FrankFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.

  • PG&E Fire Victims Fight FEMA Over Multibillion-Dollar Payout
    Bloomberg

    PG&E Fire Victims Fight FEMA Over Multibillion-Dollar Payout

    (Bloomberg) -- Victims of wildfires blamed on PG&E Corp.’s power lines and government agencies that provided them disaster relief are tussling over a payout from the bankrupt utility.PG&E reached a settlement with fire victims to pay a total of $13.5 billion for damages tied to catastrophic blazes. California’s emergency services office and the Federal Emergency Management Agency, known as FEMA, want more than $6 billion -- payouts that victims’ attorneys said Thursday would leave less money for those directly affected by the fires.Every dollar that FEMA and California’s agency receive “is one less dollar available to pay victims,” a committee representing fire victims said in filings to the judge overseeing PG&E’s bankruptcy.The dispute casts a shadow on the settlement PG&E reached with victims that won court approval just last month. The company had spent weeks cobbling together the deal, which is crucial to its efforts to come up with a viable restructuring plan and emerge from bankruptcy by a state-imposed deadline of June 30.FEMA said it’s required by federal law to pursue claims from third parties found responsible for creating disasters. “It is important that responsible parties are held accountable for causing the expenditure of taxpayer dollars,” the agency said in a statement.PG&E said it sides with the wildfire victims. “FEMA does not have a valid legal claim against the company,“ the utility said in a statement.The California Governor’s Office of Emergency Services didn’t immediately respond to a request seeking comment.The bankruptcy court has scheduled a Feb. 11 hearing on the objections to the federal and state agency claims. PG&E shares fell 0.3% at 2:41 p.m. in New York.San Francisco-based PG&E filed for Chapter 11 in January 2019 after its equipment was blamed for the devastating blazes, crippling it with an estimated $30 billion in liabilities. The company has been fending off efforts by bondholders including activist investor Elliott Management Corp. and Pacific Investment Management Co. to take over the company ever since.“The Bankruptcy Court has approved our settlement agreements resolving all major wildfire claims,” PG&E said. “This brings us one significant step closer to getting victims paid so they can rebuild their lives. As for our overall Plan of Reorganization, we remain engaged in active and constructive dialogue with stakeholders.”FEMA has made claims against PG&E for more than $3.9 billion, according to court documents. California’s emergency response agency is trying to recover more than $2.4 billion.Victims’ attorneys say FEMA and California can recover their costs through other means, including tapping a $1 billion settlement that PG&E has separately reached with certain local government agencies. The agencies should be required “to exhaust those sources before seeking to take money away from victims,” the victims’ committee said in its filing.The case is PG&E Corp. 19-bk-30088, U.S. Bankruptcy Court Northern District of California (San Francisco)(Adds PG&E statement in sixth paragraph)To contact the reporters on this story: Mark Chediak in San Francisco at mchediak@bloomberg.net;Steven Church in Wilmington, Delaware at schurch3@bloomberg.netTo contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, ;Rick Green at rgreen18@bloomberg.net, Joe Ryan, Will WadeFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.

  • Is PG&E (PCG) Stock Undervalued Right Now?
    Zacks

    Is PG&E (PCG) Stock Undervalued Right Now?

    Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

  • Business Wire

    PG&E Offering More Than 150 College Scholarships Totaling Nearly $500,000

    Pacific Gas and Electric Company (PG&E) announced today that scholarship applications are now being accepted for college-bound high schoolers as well as current college and continuing education students living in Northern and Central California.

  • Is the Options Market Predicting a Spike in PG&E (PCG) Stock?
    Zacks

    Is the Options Market Predicting a Spike in PG&E (PCG) Stock?

    Investors need to pay close attention to PG&E (PCG) stock based on the movements in the options market lately.

  • Investing.com

    Stocks: Tesla, PG&E, Airbus All Rise in Premarket

    Investing.com -- Stocks in focus in premarket trade on Thursday, 2nd January.

  • Business Wire

    Tomorrow: Deadline for Filing Fire Claims in PG&E Chapter 11 Cases is 5:00 p.m. Pacific Time

    Today, PG&E Corporation and Pacific Gas and Electric Company (together "PG&E") are sharing an important reminder that the Bankruptcy Court-approved deadline for unfiled, non-governmental fire claimants to file claims against PG&E is tomorrow, December 31, 2019, at 5:00 p.m. (Pacific Time). The deadline for filing claims is known as the Bar Date.

  • Business Wire

    TUESDAY DEADLINE REMINDER: The Schall Law Firm Announces it is Investigating Claims Against PG&E Corporation and Encourages Investors with Losses to Contact the Firm

    TUESDAY DEADLINE REMINDER: The Schall Law Firm Announces it is Investigating Claims Against PG&E Corporation.

  • Business Wire

    TUESDAY DEADLINE ALERT: The Schall Law Firm Announces it is Investigating Claims Against PG&E Corporation and Encourages Investors with Losses to Contact the Firm

    TUESDAY DEADLINE ALERT: The Schall Law Firm Announces it is Investigating Claims Against PG&E Corporation.

  • PG&E creditors offer California wildfire victims $13.5 billion in cash upfront
    Reuters

    PG&E creditors offer California wildfire victims $13.5 billion in cash upfront

    Current terms of the settlement deal, approved by a U.S. bankruptcy judge on Tuesday, call for half of the settlement to be financed with stock in a newly reorganized PG&E. In the letter, the bondholders led by Elliott Management said their latest proposals will make sure individual victims "are prioritized, as they should be" and will address demands Newsom had raised earlier. Newsom said on Dec. 13 that the settlement had lacked major changes in governance and tougher safety enforcement mechanisms mandated under the state wildfire statute.

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