PG&E Corp. is nearing a deal with a group of bondholders led by Pacific Investment Management Co. and Elliott Management Corp. that would entitle them to a mix of equity and new debt if they scrap their rival restructuring plan, people familiar with the matter said.
The Federal Emergency Management Agency wants reimbursement from PG&E to cover costs from the government’s response to fires in 2015, 2017 and 2018. Under PG&E’s current plan to resolve its bankruptcy, any payment to FEMA would have to come from the $13.5 billion the company intends to reserve primarily to settle claims from fire victims.
The record $1.675 billion penalty PG&E Corp. has agreed to pay for the deadly 2017 and 2018 wildfires could generate a big tax deduction for the beleaguered California utility. A hearing officer at the California Public Utilities Commission has told PG&E to spell out how much of the penalty it believes it can deduct from its federal… [Read More]
Knighthead seized on a distressed-asset opportunity of a different kind with its PG&E play. The fund made a big bet on the comeback of PG&E following the biggest utility bankruptcy in American history. Whether that wager pays off is now mostly in the hands of California’s Democratic governor, but if Wagner and Co. are able to… [Read More]
IBEW 1245 members proved themselves to be indomitable at the 2019 International Utility Locate Rodeo, bringing home a whopping five first-place trophies. More than 65 competitors from dozens of utility companies from all over the world competed in the annual event, which took place on Dec. 13 in Springfield, MO. The IBEW 1245/PG&E team consisted of… [Read More]
Judge Dennis Montali of the U.S. Bankruptcy Court in San Francisco on Tuesday ruled that the bondholders are owed the federal rate of 2.59%, a decision expected to reduce the company’s interest burden by about $550 million when it exits bankruptcy.