PG&E Shares Plunge 19% After Hours as Judge Opens Door to Rival Chapter 11 Plan

Date : 10/09/2019 @ 11:19PM
Source : Dow Jones News
Stock : Pacific Gas and Electric Company (PCG)
Quote : 7.83  0.0 (0.00%) @ 10:53AM

PG&E Shares Plunge 19% After Hours as Judge Opens Door to Rival Chapter 11 Plan

Pacific Gas and Electric (NYSE:PCG)
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   By Stephen Nakrosis 
 

Shares of PG&E Corp. (PCG) are falling in Wednesday's after-hours session, after a judge opened the door to a rival's chapter 11 plan for the embattled company.

PG&E is also dealing with the impact of having to cut power to around 800,000 businesses and households in California as it tries to reduce the threat of wildfires.

At 5:46 p.m. ET, shares of PG&E had lost 19.22%, to trade at $8.84. Volume in the late session topped 633,000 shares.

The company's shares had finished the day's regular trading session with a 0.73% gain, to close at $10.98.

A bankruptcy judge in California stripped PG&E of the sole right to propose a chapter 11 plan, opening the way for a rival plan backed by bondholders of the utility, including Elliott Management.

 

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

 

(END) Dow Jones Newswires

October 09, 2019 18:04 ET (22:04 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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