Court approves PG&E's $23B bankruptcy financing package
Close-up of sign with logo on facade at Pacific Gas and Electric (PGE) customer service station in Walnut Creek, California, June 6, 2019. The company faced bankruptcy concerns in 2019 following alleged wildfire liability. (Photo by Smith Collection/
BERKELEY, Calif. - Pacific Gas & Electric got court approval to raise $23 billion to help pay its bills over destructive California wildfires. It comes after Gov. Gavin Newsom dropped his opposition to a financing package designed to help the nation's largest utility get out of bankruptcy.
The milestone reached during an unusual court hearing held by phone Monday moves PG&E closer to emerging from one of the most complex bankruptcy cases in U.S. history.
PG&E told a judge it has lined up commitments from investors to buy up to $12 billion in stock amid the Wall Street turmoil caused by the coronavirus to supplement $11 billion in new loans.