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PG&E's lenders offer billions, new name to rebrand utility

Pacific Gas & Electric's key lenders have offered a $30 billion plan to pull the utility out of bankruptcy and give the tarnished company a new name.

Posted: Jun 25, 2019 1:24 PM

SACRAMENTO, Calif. (AP) - Pacific Gas & Electric's key lenders have offered a $30 billion plan to pull the utility out of bankruptcy and give the tarnished company a new name.

The Sacramento Bee reports the proposal filed Tuesday in U.S. Bankruptcy Court would set aside up to $18 billion of the $30 billion to pay claims on the 2017 and 2018 wildfires caused by PG&E equipment.

The plan offered by PG&E's leading bondholders would compete with an alternative that the newspaper says is being drafted by PG&E.

The bondholders also want to rebrand PG&E as Golden State Power Light & Gas Company.

Asked about the bondholders' plan, PG&E said it was considering all options as it navigates the bankruptcy process.

The governor's office didn't immediately comment on the proposal.

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