11.68 0.00 (0.00%)
After hours: 4:37PM EDT
|Bid||11.50 x 1000|
|Ask||11.64 x 800|
|Day's Range||11.65 - 12.59|
|52 Week Range||5.07 - 49.42|
|Beta (3Y Monthly)||0.44|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 4, 2019 - Nov 8, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||19.36|
Hormel, Simply Good Foods, PG&E, JPMorgan Chase and Qantas are the companies to watch.
Thousands of income-eligible customers could save up to 20 percent or more on their monthly energy bill by enrolling in Pacific Gas and Electric Company’s California Alternate Rates for Energy Program.
Moody's Investors Service has upgraded the underlying rating on the California Statewide Communities Development Authority's Taxable Pension Obligation Bonds 2007 Series A-2 (Capital Appreciation Bonds) to Caa2 from Caa3, and has revised the bonds outlook to positive from stable. The upgrade to Caa2 reflects the improved credit quality of the largest pool participant, the town of Paradise, which made a required deposit with the bond trustee on August 1 for its next debt service payment. The town's ability to make this payment was based on the receipt of insurance settlement funds and state backfill payments from the State of California for lost fiscal 2019 general fund revenues as a result of the almost complete destruction of the town's tax base by the November 2018 Camp Fire.
(Bloomberg) -- Seven months after a state agency absolved PG&E Corp. of blame for a deadly 2017 wildfire, the utility giant faces the potential of billions in new legal liabilities -- and it’s unclear how it would pay for them.Despite the fact that investigators said PG&E wasn’t responsible for the Tubbs Fire that killed 22 people, a bankruptcy judge has ruled jurors should decide whether the company is to blame. The decision could expose PG&E to $18 billion or more in claims. It sent the stock plunging 25% Monday, the most since the utility signaled it would file for Chapter 11 in January.The ruling has implications for PG&E’s bankruptcy. The company, which has a market value of about $5.6 billion, already has taken roughly $18 billion in charges for wildfires blamed on its equipment. But while its been lobbying for state legislation that would allow it to raise billions by issuing tax-free municipal bonds, the utility’s reorganization plan will now almost certainly need to include even more money for fire victims.“No matter how you slice it, there isn’t enough financial engineering in the world for the estate to eat another $18 billion in Tubbs claims without it coming out of someone’s pocket,” said Katie Bays, a utility analyst and co-founder of Sandhill Strategy LLC.In a statement, PG&E said it would cooperate with state court proceedings as its pushes to meet a June 30, 2020 deadline to exit bankruptcy and qualify for a state wildfire fund to help pay for future fires sparked by its equipment.In addition to floating bonds, two of the company’s shareholders, Knighthead Capital Management and Abrams Capital Management, have said they plan to raise $15 billion through a rights offering as a pool of capital the company could tap. PG&E said last week it had commitments for $12 billion.The ruling by U.S. Bankruptcy Judge Dennis Montali is the latest bad news for the utility, which already faces separate liabilities from the deadly 2018 Camp Fire, which investigators did blame on its equipment. Last week, a court-appointed monitor said PG&E failed to properly trim trees in blaze-prone zones. And a judge forced the company to respond to a media report that PG&E deferred maintenance on equipment near the ignition point of the Camp Fire, which killed 86 people and was the deadliest in state history.The Tubbs fire, California’s second-most deadly blaze, ripped through nearly 37,000 acres in Sonoma and Napa counties in October 2017, destroying 5,600 structures. After a 15-month investigation, the California Department of Forestry and Fire Protection determined it was started by a private electrical system -- not PG&E wires.Attorneys for the victims and insurers, however, have pushed for claims to go before jurors, saying they have evidence PG&E sparked the blaze. The lawyers also say that PG&E failed to cut power to the area despite high winds. In his decision, the judge said a limited number of fire victims and a group of insurers can pursue cases. Those claims could become test cases that offer an estimate of what PG&E’s total liability will be for the Tubbs fire.A CalFire spokesman said the agency stands by its finding.‘Left field’The ruling potentially puts PG&E fate into the hands of a citizen jury at a time when the utility has been struggling to regain the public trust in the wake of the deadly blazes.“It was a little out of left field that the judge allowed the Tubbs fire litigation to go to an outside jury,” Kit Konolige, a Bloomberg Intelligence analyst, said in an interview. “That’s a big negative surprise.”Citigroup Inc. downgraded PG&E’s stock to “sell” and slashed its price target to $4 from $33. PG&E shares fell to $10.67, the lowest since January. The utility’s bonds also fell.In a rare bit of good news, the bankruptcy judge sided with the utility in a separate ruling Friday that rejected requests from two groups of creditors who wanted to propose their own ways to restructure the company. Montali said opening up the bankruptcy to competing plans at this point would have led to “expensive, lengthy and uncertain disputes” that wouldn’t benefit fire victims.PG&E has outlined its plan to exit the biggest utility bankruptcy in U.S. history, promising to largely protect the value of its shares. The company says it plans to file the proposal by Sept. 9.\--With assistance from Caleb Mutua, Steven Church and Scott Deveau.To contact the reporters on this story: Mark Chediak in San Francisco at email@example.com;Joel Rosenblatt in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, Tina Davis, Joe RyanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Bankrupt California power giant PG&E Corp. fought off a move by bondholders including Pacific Investment Management Co. and Elliott Management Corp. that would’ve allowed creditors to propose ways to restructure the company.U.S. Bankruptcy Judge Dennis Montali sided with the company Friday in denying motions from creditor groups, saying that PG&E should retain the exclusive right to come up with a plan to deal with the estimated $30 billion in wildfire liabilities that forced it to file for Chapter 11 in January. The company is crafting a proposal to cover the fire costs, potentially restructure its debt and allow shareholders to retain their stake in the troubled utility.Ending PG&E’s exclusivity period early wouldn’t be beneficial to the utility’s wildfire victims, Montali said in a memorandum filed with his order.“Competing plans are tempting, and no doubt produce a feast for lawyers, accountants, investment bankers and others, not to mention the intellectual challenges to the court,” the judge wrote. “But the inescapable fact is that the fire victims and their insurers should not need to wait for conclusion of expensive, lengthy and uncertain disputes that only indirectly concern them.”The massive bankruptcy case has attracted some of the biggest names in the financial world, and had Montali sided with them, against PG&E, he would have opened the door for groups of investors and creditors to band together in an attempt to pitch vying proposals for the restructuring. One group that includes Pimco and Elliott have come up with a plan to all but wipe out the stake of current shareholders in the utility.Second PlanA separate group of insurance claim holders also sought to end the exclusivity period, saying it wanted to pitch a plan that included higher recoveries for their claims. Montali denied that request as well. Representatives for both groups didn’t immediately respond to requests for comment.“PG&E has made significant progress in further refining a viable, fair, and comprehensive plan of reorganization that will compensate wildfire victims, protect customer rates, and put PG&E on a path to be the energy company our customers need and deserve,” the utility said in a statement Friday.PG&E said in court earlier this week that it would file its reorganization plan by Sept. 9 and that it had lined up at least $13 billion in financing commitments.“The debtors have placed before all a proposal that, if coaxed and guided to maturity should result in a proper outcome for all creditors,” Montali wrote Friday.Under U.S. bankruptcy law, a company has a limited amount of time to develop a reorganization plan and persuade creditors to vote in favor of it. Initially, no other competing proposals are allowed, so the bondholders needed permission from Montali before they could proceed. It’s unusual for a bankruptcy judge to grant such a request.Complex Case“In a complex case, it would be much more the exception than the rule,” Aaron Javian, a lawyer in the restructuring practice at Reed Smith LLP, said in an interview before the ruling.PG&E had argued in a court filing that ending its exclusive control over the reorganization process, before it figures out its wildfire liabilities, would “lead to further distraction, costs and waste” and would jeopardize the company’s chances of exiting bankruptcy by June 2020, a deadline set by the state.Bondholders, meanwhile, had said their efforts wouldn’t delay the bankruptcy case.“It is in no stakeholder’s interest to waste critically important time to pursue plan constructs that are not credible or potentially confirmable, especially those that lack funding to address wildfire claims,” the group said in a filing reiterating its push to end PG&E’s exclusive control over its bankruptcy plan.PG&E filed for bankruptcy on Jan. 29 to address liabilities resulting from a series of devastating fires that tore through Northern California in 2017 and 2018. The effects have been rippling through millions of ratepayers, hundreds of creditors, thousands of workers and the state’s political system.Earlier this year, Montali gave PG&E until late September to submit a plan to restructure and exit bankruptcy by setting up a trust that would cover tens of billions of dollars in claims by wildfire victims.The push by bondholders to open the reorganization process to competing plans was supported by the official committee of unsecured creditors, labor unions and power companies that sell electricity to PG&E, including NextEra Energy Inc.The case is PG&E Corp. 19-bk-30088, U.S. Bankruptcy Court Northern District of California (San Francisco)(Corrects Javian’s title in 11th paragraph.)\--With assistance from Scott Deveau and Jeremy Hill.To contact the reporters on this story: Allison McNeely in New York at firstname.lastname@example.org;Mark Chediak in San Francisco at email@example.com;Steven Church in Wilmington, Delaware at firstname.lastname@example.orgTo contact the editors responsible for this story: Rick Green at email@example.com, ;Lynn Doan at firstname.lastname@example.org, Shannon D. Harrington, Dan WilchinsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
PG&E; (PCG) shares are trading more than 25% lower on Monday. A federal judge ruled that the utility must face victims of the Tubbs Fire.
This most-searched list is a feature included in Benzinga Pro's Newsfeed tool. It highlights stocks frequently searched by Benzinga Pro users on the platform. DPW Holdings (NYSE: DPW ) shares were up 261% ...
A bankruptcy judge gave a group of wildfire victims permission to challenge a finding by state authorities that the utility didn’t cause the second-most destructive wildfire in California’s history.
PG&E Corp.'s stock plunged 28% to a 7-month low in active morning trading Monday, after a court ruling that the California utility will have to face a jury trial over whether it is liable for damages from the Tubbs fire in 2017. Trading volume ballooned to 31.5 million shares, compared with the full-day average of about 6.5 million shares. The Wall Street Journal reported late Friday that although California investigators concluded that PG&E equipment didn't spark the Tubbs fire, lawyers for insurers and victims said they can prove that it did. Separately, a judge ruled that PG&E can control its own bankruptcy exit plan. The stock has tumbled 56% year to date, while the SPDR Utilities Select Sector ETF has rallied 17% and the S&P 500 has climbed 17%.
Investors need to pay close attention to PG&E Corporation (PCG) stock based on the movements in the options market lately.
As part of its efforts to prepare customers and communities for the growing threat of wildfire, Pacific Gas and Electric Company (PG&E) has hosted nearly 6,000 individuals in a series of informational open houses, webinars and workshops throughout its service area. Over the course of 23 regional open houses, more than 3,000 attendees met with PG&E representatives to learn more about wildfire safety and emergency preparedness.
Shares of embattled California utility PG&E; plunge after a judge rules that a jury should determine whether it should pay as much as $18 billion in damages to victims of the 2017 devastating 'Tubbs' California wildfire.
Since January, a total of $36 billion of so-called junk-bonds have defaulted, thanks largely to several debt-laden energy players looking for reprieve from creditors in bankruptcy court.
The judge overseeing Pacific Gas and Electric’s bankruptcy has decided that the California utility can direct its own reorganization process, in a break for the company and its shareholders.
(Bloomberg) -- Victims of the second-most destructive fire in California history will get a chance to try and persuade a jury that PG&E Corp. should pay them as much as $18 billions in damages.U.S. Bankruptcy Judge Dennis Montali on Friday lifted a freeze on lawsuits tied to the 2017 Tubbs fire, which killed 22 people and destroyed more than 5,600 structures in Sonoma and Napa counties, opening the door for victims pursuing claims against PG&E to start preparing for a trial.California fire investigators said days before PG&E filed for bankruptcy the utility didn’t cause the Tubbs fire, finding instead that it was sparked by a private electrical system outside a home near Calistoga.But attorneys for a group of victims and insurance companies that paid damages have disputed the state’s findings in bankruptcy court papers. They say their evidence indicates the fire was started by PG&E equipment and want a jury to decide whether the company is to blame for the biggest of the 2017 wine country fires. The lawyers also say that PG&E failed to cut power to the area despite the high fire risk.Montali’s ruling means “it’s going to be up to a jury to decide what PG&E’s role in the Tubbs Fire was,” and how much the utility should pay, Mike Danko, a lawyer representing fire victims said in an email. Arguments and evidence will be aired in open court, he said, adding, “if all goes well, we’ll have the jury’s answer in a matter of months.”Under California law, the Tubbs victims will get a trial within five months, Danko said.While PG&E may have to fight the fire victims’ claims in court, it did score a victory Friday by retaining control of a multibillion-dollar bankruptcy exit plan.In a separate ruling, Montali sided with the utility and rejected requests from two groups of creditors who wanted to propose their own ways to restructure the company. Montali said opening up the bankruptcy to competing plans at this point would have led to “expensive, lengthy and uncertain disputes” that wouldn’t benefit the fire victims.PG&E has outlined its plan to exit the biggest utility bankruptcy in U.S. history, promising to largely protect the value of its shares. The company says it plans to file the proposal by September 9.Claims EstimatesLawyers for PG&E also wanted the bankruptcy court to determine how much the utility could be on the hook for from the Tubbs fire through a proceeding that would estimate claims. The “estimation has to begin now,” the company said in court papers. The California legislature imposed a June 30, 2020, deadline for the resolution of the bankruptcy and a confirmable plan needs to be ready by January for the California Public Utilities Commission’s consideration.PG&E reiterated in a statement that the California Department of Forestry & Fire Protection, known as Cal Fire, found the Tubbs fire wasn’t related to PG&E equipment. The utility said it will cooperate with the state court.The determination of PG&E’s potential liability is one of the key issues that will need to be resolved for the company to exit bankruptcy. When PG&E filed for Chapter 11 protection at the end of January, the move froze lawsuits in connection with the blaze and other fires.Allowing the suits to advance “will definitively bring a resolution as to debtors’ liability in the Tubbs fire, and provide an important data point that most likely will facilitate resolution of the wildfire tort claims in this case,” Montali wrote in Friday’s order.The official committee that speaks for the fire’s victims and a group of holders of fire insurance claims said in court papers that the Tubbs claims make up about one-third of an estimated $54 billion in total claims tied to the 2017 and 2018 fires. The Tubbs fire was the most destructive in state history until November’s Camp Fire killed 86 people and leveled the town of Paradise. State investigators said the Camp Fire was sparked by a PG&E transmission line.“Establishing PG&E’s liability with respect to the Tubbs Fire is a crucial component to resolving these Chapter 11 cases,” an ad hoc group of insurance claim holders, which supported lifting the stay, said in an email statement.In an effort to prevent future liabilities from crippling them PG&E, Sempra Energy and Edison International signed off on the creation of a $21 billion wildfire fund that any one of them could tap the next time a power line sparks a catastrophic blaze. California lawmakers rushed to pass legislation for the creation of the fund in July as the state heads into yet another wildfire season.The case is PG&E Corp., 19-30088, U.S. Bankruptcy Court Northern District of California (San Francisco)\--With assistance from Allison McNeely and Steven Church.To contact the reporters on this story: Mark Chediak in San Francisco at email@example.com;Joel Rosenblatt in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: David Glovin at email@example.com, ;Lynn Doan at firstname.lastname@example.org, Joe Schneider, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Judge Dennis Montali of the U.S. Bankruptcy Court in San Francisco turned down requests from two groups of creditors wanting to propose a Chapter 11 exit plan for PG&E, which is facing huge liabilities from California wildfires. PG&E, a holding company whose main subsidiary is the California utility Pacific Gas and Electric Company, sought Chapter 11 bankruptcy protection earlier this year after severe wildfires in 2017 and 2018 resulted in more than $30 billion in liabilities.
A federal judge on Friday allowed PG&E Corp to retain the sole rights to propose a plan to exit bankruptcy, as he rejected efforts by investors to put forward competing plans, according to court documents. Judge Dennis Montali of the U.S. Bankruptcy Court in San Francisco turned down requests from two groups of creditors wanting to propose a Chapter 11 exit plan for PG&E, which is facing huge liabilities from California wildfires. PG&E, a holding company whose main subsidiary is the California utility Pacific Gas and Electric Company, sought Chapter 11 bankruptcy protection earlier this year after severe wildfires in 2017 and 2018 resulted in more than $30 billion in liabilities.