BERKELEY, Calif. (AP) — Pacific Gas & Electric on Monday won court approval to raise $23 billion to help pay its bills over destructive California wildfires after Gov. Gavin Newsom dropped his opposition to a financing package designed to help the nation’s largest utility get out of bankruptcy.
The milestone reached during an unusual court hearing held by phone Monday moves PG&E closer to emerging from one of the most complex bankruptcy cases in U.S. history.
PG&E told a judge it has lined up commitments from investors to buy up to $12 billion in stock amid the Wall Street turmoil caused by the coronavirus to supplement $11 billion in new loans.
- Court approves PG&E's $23B bankruptcy financing package
- PG&E Will File for Bankruptcy Protection
- PG&E: What Bankruptcy Means for the Utility
- State Lawmakers React to PG&E Bankruptcy
- PG&E Officially Files for Chapter 11 Bankruptcy
- PG&E releases new amended bankruptcy plan
- PG&E reaches bankruptcy deal with California governor
- California governor wants to grill PG&E about financing plan
- PG&E Gearing Up for Possible Bankruptcy, CA Lawmakers Say