PCG PG&E Corporation

By Stephen Nakrosis

Shares of California electric utility holding company PG&E Corp. (PCG) are rising in Tuesday's trading session, following reports the company secured $5.5 billion in debtor-in-possession financing.

At 3 p.m. EDT, shares are up 7.4% at $7.76. Volume is over 41.9 million shares, above the 65-day daily average of 22.5 million.

PG&E said it has a commitment letter with JPMorgan Chase & Co., Bank of America Corp., Barclays PLC and Citigroup Inc. for $5.5 billion in senior secured superpriority financing. The company said it intends to file for bankruptcy protection before the end of the month as it faces more than $30 billion in potential liability costs related to its role in sparking wildfires.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

January 22, 2019 15:23 ET (20:23 GMT)

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