Seeking Alpha

PG&E seeks $14B-plus in equity for restructuring plan - Bloomberg

|About: PG&E Corporation (PCG)|By:, SA News Editor

PG&E (PCG -0.3%) is floating a restructuring plan that calls for more than $14B in equity commitments using a mix of debt and equity to cover the costly claims it faces from wildfires that its equipment ignited, Bloomberg reports.

But PG&E has not provided an actual estimate for those claims, and the plan is due to be filed Monday.

The company says it has received assurances from financial firms that it could raise $35B-$40B in debt and equity to satisfy claims, refinance debt and meet other bankruptcy-related needs, according to the report.

The plan reiterates PG&E's commitment to settling fire claims, upholding all power purchase agreements and exiting bankruptcy without raising customer bills by June 30.

Subscribe for full text news in your inbox