PCG - PG&E Corporation
| Previous Close | 13.73 |
| Open | 13.80 |
| Bid | 14.19 x 900 |
| Ask | 14.35 x 1300 |
| Day's Range | 13.80 - 14.50 |
| 52 Week Range | 3.55 - 25.19 |
| Volume | 16,386,956 |
| Avg. Volume | 22,145,996 |
| Market Cap | 7.552B |
| Beta (5Y Monthly) | 0.56 |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | -20.75 |
| Earnings Date | Feb 25, 2020 - Mar 01, 2020 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | Sep 27, 2017 |
| 1y Target Est | 14.13 |
- Bloomberg
PG&E Probation Judge Threatens to Restrict Manager Bonuses
(Bloomberg) -- PG&E Corp. could be ordered by a federal judge to restrict bonuses and incentives for supervisors and other high-ranking employees until the company meets obligations under its wildfire-prevention plan.As PG&E struggles to prove it can operate safely after a series of devastating wildfires blamed on its equipment, U.S. District Judge William Alsup threatened in a filing Friday to tie incentive pay “exclusively” to meeting goals for fire mitigation and other safety issues. He directed the company to explain in writing by Feb. 12 why he shouldn’t issue such an order.The bankrupt utility disclosed this month that it had fallen short of some of the commitments it made to inspect and repair lines, clear vegetation and cut tree branches. In response, Alsup has said he may require PG&E to hire and train more crews to inspect and cut trees to come into compliance with state requirements.Alsup is overseeing PG&E’s criminal probation after the utility was convicted in 2016 of violating gas-pipeline safety standards and obstructing a federal investigation. Alsup imposed new probation conditions to make sure the utility complies with both California law and its own wildfire prevention efforts after investigators found that its lines ignited wildfires in 2017 and 2018.PG&E said it would respond to Alsup’s order by the deadline. A hearing is scheduled for Feb. 19.“PG&E shares the court’s commitment to safety and recognizes that we must take a leading role in keeping our customers and communities safe from the ever-growing threat of wildfire,” the company said in a statement.Last year, the judge overseeing PG&E’s bankruptcy approved an incentive plan that allowed for a maximum payout of $350 million for non-insider employees if they hit certain metrics tied to public safety, gas inspections and financial performance. The bankruptcy court later rejected a PG&E request for executive bonuses.PG&E filed for Chapter 11 bankruptcy protection in January 2019 after its equipment was blamed for some of the worst fires in California history, crippling it with an estimated $30 billion in liabilities. A probe by state regulators found the utility failure to clear vegetation and trees around power lines contributed to several fires that charred parts of northern California wine country in 2017.(Updates with PG&E statement in fifth paragraph)To contact the reporter on this story: Mark Chediak in San Francisco at mchediak@bloomberg.netTo contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Peter Blumberg, Steve StrothFor 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.
- Zacks
Is PG&E (PCG) a Great Value Stock 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.
- MarketWatch
New California bill could force utility companies pay for blackout costs
The bill could require electric companies that shut off power to prevent wildfires could get paid for things like lost wages or spoiled food.
- Barrons.com
PG&E Made a Deal With Bondholders: The Details, and Why California’s Governor Wants Changes
A group of bondholders has reached an agreement with the California utility to settle their claims, bringing an end to their monthslong battle against PG&E and its shareholders.
- GlobeNewswire
Bragar Eagel & Squire is Investigating Certain Officers and Directors of Cardinal Health, CURO Group, Sarepta, and PG&E Corporation and Encourages Investors to Contact the Firm
NEW YORK, Jan. 23, 2020 -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, is investigating certain officers and directors of Cardinal Health,.
- 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.
- 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.
- TheStreet.com
PG&E Corp. Reaches Agreement With Debt Holders in Bankruptcy Case
Bankrupt California utility company PG&E Corp. said it reached agreement with debt holders who had been pursuing an alternate reorganization plan for the utility. The utility declared bankruptcy a year ago as its finances were crushed under the legal liabilities from fatal Northern California wildfires blamed on its equipment. "This agreement helps achieve our goals of fairly compensating wildfire victims, protecting customers' bills and emerging from Chapter 11," said the company's CEO and President, Bill Johnson in a statement.
- 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.
- 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.
- 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
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
- 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.
- Barrons.com
Barron’s Beat the Stock Market Last Year. Here’s How We Did It.
Timely calls on gold miners and robotics stocks, and skeptical takes on ride-hailing apps and fake meat, helped Barron’s writers beat the market in 2019. Stocks that were the subject of bullish articles returned 14.1%, on average, through the end of the year, against a 12.7% gain for the benchmarks. It was the first year since 2016 that our bullish picks outpaced their benchmarks.
- InvestorPlace
Is FuelCell Energy’s Business Truly Sustainable?
This may be a strange question to ask of a renewable energy company. But analysts are asking it anyway. Is FuelCell Energy (NASDAQ:FCEL) sustainable? That is, has this maker of hydrogen fuel cells found a niche it can grow into, or are its recent successes a one-time thing? And after we answere these questions, what exactly are the longer-term implications for FCEL stock?Source: Kaca Skokanova/Shutterstock InvestorPlace.com contributor Josh Enomoto remains skeptical. He calls FCEL a "penny stock." He believes its 700% rise since November can't be maintained, especially since fuel cells require expensive materials like platinum to produce.FuelCell Energy had been in a long-term trading range at about 25 cents per share, but opened for trade Jan. 17 around $2.25 with a market cap of $443 million. The catalyst seems to have been a two-year, $60 million deal with Exxon Mobil (NYSE:XOM) involving carbon capture technology. The deal is nearly twice the company's annual revenue.InvestorPlace - Stock Market News, Stock Advice & Trading Tips A New Way to Look At FCEL Stock?The company has been loudly proclaiming that it's no longer a penny stock, according to Nasdaq, ahead of reporting earnings Jan. 22 for the quarter ending in October. * 7 5G Stocks to Connect Your Portfolio To While rival Plug Power (NASDAQ:PLUG) has been pushing fuel cells as a solution for forklifts and other factory vehicles, FuelCell Energy has been aiming at big contracts in the utility and energy space.Fuel cells make energy by combining hydrogen gas with oxygen. Water is the "waste" product. Fuel cells are also quiet, meaning utilities can place them in residential neighborhoods. But the chief source of hydrogen fuel has always been natural gas. Utilities have usually decided just burning the gas is cheaper.While the Plug Power story is easy to understand, if speculative, the FuelCell Energy story is all over the map.Are they offering a way to reduce the carbon footprint of big power plants, as ExxonMobil suggests? Is this a solution for treating wastewater with the biogas found on-site? Or is this a microgrid solution for electric utilities, as FuelCell's latest press release proclaims? Is it all three? Is it also a breath mint? Trust Utilities?FuelCell reported a backlog of $2.1 billion in its third-quarter report, but just $22.7 million in revenue. The backlog resulted in a press offensive, as FuelCell management sought the capital needed to fulfill its orders.The question remains whether the current momentum is sustainable. In theory, I buy all of it. I buy using biogas to produce hydrogen. I buy carbon capture at power plants. I have long supported microgrids as a better way to guarantee electric service.What I've been unable to buy, because of the track record, is the word of oil companies or utility companies that they're serious about climate change. Exxon Mobil, for instance, has been banging the drum on TV for collecting fuel from plants. They were saying the same thing 10 years ago and little has happened. * 10 Cheap Stocks to Buy Under $10 The same is true for utilities. Al Gore wrote about microgrids as the "Electranet" over a decade ago. But PG&E (NYSE:PCG), the most progressive of the big utilities in accepting solar and wind power never adapted this secondary technology. It kept its unitary system with long power lines in place, and went bankrupt when they, predictably, caused forest fires. The Bottom LineI wish I weren't writing this, but FuelCell Energy remains a speculation.The company isn't just offering a succession of press releases. It is trying to execute a long-term strategy that makes sense. But that strategy relies on very big partners staying the course, and utility companies being willing to change.That's the bet you're making when you buy FuelCell Energy stock today. It should be a slam dunk, but sadly it's not.Dana Blankenhorn is a financial and technology journalist. He is the author of the environmental thriller Bridget O'Flynn and the Bear, available at the Amazon Kindle store. Write him at danablankenhorn@gmail.com or follow him on Twitter at @danablankenhorn. As of this writing, he owned no shares in companies mentioned in this story. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * The Top 5 Dow Jones Stocks to Buy for 2020 * 7 Fintech ETFs to Buy Now for Fabulous Financial Exposure * 3 Tech Stocks to Play Ahead of Earnings The post Is FuelCell Energy's Business Truly Sustainable? appeared first on InvestorPlace.
- American City Business Journals
Ag operation wins approval to develop solar array in Yolo County
The photovoltaic panels and a battery storage system will occupy around 19 acres of a 31-acre property that is currently a walnut orchard.
- 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.
- Barrons.com
PG&E Stock Is Climbing as Investors Get Closer to a Restructuring Deal
The California utility has been in Chapter 11 bankruptcy for nearly a year. Now, feuding bondholders and stockholders look to be nearing a truce.
- 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.
