The judge overseeing the bankruptcy of PG&E Corp on Wednesday issued an order op...
) on Wednesday issued an order opening the door to a group of noteholders and wildfire victims to file their own reorganization plan for the California power provider.
Allowing the noteholders, which include Apollo Capital Management and Elliott Management Corp among others, to file while PG&E advances its own plan may help force the sides to negotiate a settlement of the case, Montali added. PG&E’s plan, backed by current major shareholders, would use $34 billion in new debt and $14 billion in equity commitments to reorganize.“We are confident that our fully funded plan of reorganization, which will satisfy all wildfire claims in full while treating all stakeholders fairly and protecting customers, is the better solution for all constituencies,” PG&E said.
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