PG&E Shares Off 6% After Bondholders, Wildfire Victims Ask to Present Chapter 11 Plan
September 20 2019 - 2:00PM
Dow Jones News
By Stephen Nakrosis
Shares of PG&E Corp. (PCG) are trading lower in Friday's
market, after the company's creditors and victims of wildfires that
hit California in 2017 and 2018 said they wanted to present a
chapter 11 plan that would compete with the company's proposal.
At 1:22 p.m. ET, shares of the company were trading 6.27% lower,
at $11.38. Year to date, shares are down over 51%.
The restructuring plan offered by PG&E would cap payments to
victims of the wildfires at $8.4 billion and pay another $11
billion to pay insurance claims. The proposal from bondholders and
victims puts the total value of claims at $24 billion, according to
court papers.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
September 20, 2019 13:45 ET (17:45 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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