Some of the biggest players in distressed debt are proposing a $35-billion plan that would allow California utility giant PG&E Corp. to emerge from bankruptcy within a year, according to sources familiar with the matter.
PG&E workers dissemble broken power lines after the Camp fire ripped through Paradise, Calif., on Nov. 15, 2018.
Pacific Investment Management Co., Elliott Management Corp. and Davidson Kempner Capital Management have been meeting with California lawmakers and other stakeholders to discuss the proposal, the sources said, asking not to be identified because the discussions are private. The plan would establish a $14-billion cash trust to pay for claims tied to the deadly 2017 and 2018 wildfires that forced the utility to declare bankruptcy, according to the proposal seen by Bloomberg News.
The plan that Pimco, Elliott and Davidson Kempner are pitching on behalf of an ad hoc committee of PG&E’s senior unsecured noteholders would also establish a statewide wildfire fund of at least $13 billion that would be financed by PG&E, other California utilities, statewide bonds and other state funding, according to the sources.
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