PG&E -28% on bankruptcy judge decision clearing way for Elliott plan

Oct. 09, 2019 6:26 PM ETPG&E Corporation (PCG)PCGBy: Carl Surran, SA News Editor96 Comments
  • PG&E (NYSE:PCG) plummets on news that the judge overseeing its bankruptcy case will allow for the consideration of alternative restructuring plans.
  • Judge Montali's ruling clears the way for a rival Chapter 11 plan from bondholders led by Elliott Management that are allied with wildfire victims, stripping PG&E of the sole right to propose a Chapter 11 plan covering billions of dollars of damages.
  • The decision means at least two reorganization plans will move forward as PG&E shifts into a crucial phase of its Chapter 11 proceeding.

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