Court approves PG&E's $23B bankruptcy financing package

Pacific Gas & Electric got court approval to raise $23 billion to help pay its bills over destructive California wildfires.

Posted: Mar 16, 2020 2:34 PM

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.

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