PG&E: Noteholder Group Agrees to Support Company's Plan
January 22 2020 - 8:17PM
Dow Jones News
By Josh Beckerman
PG&E Corp. (PCG) said a noteholder group has agreed to
support the company's reorganization plan and will withdraw an
alternative plan.
PG&E said "the agreement resolves all issues related to the
treatment of pre-petition funded debt," including post-petition
interest amounts and make-whole premiums, under PG&E's chapter
11 reorganization plan.
PG&E shares recently traded up 7.6% to $13.49 after
hours.
On Jan. 14, PG&E said it was in "constructive negotiations"
with bondholders.
The company said Wednesday that high-coupon, long term notes
will be replaced with newly issued, lower-cost debt.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
January 22, 2020 20:02 ET (01:02 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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