The union has received a number of inquiries from IBEW 1245 members and retirees who are concerned that their PG&E stock in company retirement accounts could be diluted under the recently proposed bondholder reorganization plan.
According to the court filing, “All PG&E Corp. common stock currently held by employees and retirees in pension accounts, 401(k) accounts and company-sponsored plans will be trued-up for any dilution on account of the Plan with new equity issuances within 90 days after the Effective Date. Such equity interests will be structured to comply with all applicable securities laws.”