PG&E Wins Approval of $23 Billion Bankruptcy Financing Plan
- Judge says he’ll approve company’s debt, equity commitments
- Move comes after California Governor dropped opposition
Photographer: David Paul Morris/Bloomberg
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PG&E Corp. won bankruptcy court approval to use up to $23 billion in financing after California Governor Gavin Newsom dropped his opposition, clearing a crucial obstacle to the power company’s push to exit Chapter 11.
U.S. Bankruptcy Judge Dennis Montali said Monday he’ll approve a financing motion for $11 billion in debt commitments and $9 billion in new equity that will support PG&E’s turnaround plan. PG&E can also raise an additional $3 billion through new shares under the plan.