PG&E bondholders propose competing bankruptcy plan

PG&E bondholders propose competing bankruptcy plan
FILE PHOTO: A PG&E truck carrying an American Flag drives past PG&E repair trucks in Paradise, California, U.S. November 21, 2018. REUTERS/Elijah Nouvelage -
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ELIJAH NOUVELAGE(Reuters)
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(Reuters) – A committee of bondholders of PG&E Corp’s utility unit on Tuesday proposed filing a bankruptcy reorganization plan that would inject up to $30 billion (23 billion pounds), primarily equity, to help the California utility emerge from Chapter 11 and address liability from wildfires.

In a filing with the U.S. bankruptcy court in San Francisco, the committee of senior unsecured noteholders of Pacific Gas and Electric Co also sought to terminate the utility’s exclusive period to file and confirm its own bankruptcy plan, saying “the need to exit bankruptcy expeditiously is paramount” and PG&E has been too slow to file a plan.

(Reporting by Jonathan Stempel in New York; Editing by Chizu Nomiyama)

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