PG&E Shares Trading Higher Monday
November 04 2019 - 3:29PM
Dow Jones News
By Stephen Nakrosis
Shares of PG&E Corp. (PCG) were trading higher in Monday's
market.
At 2:50 p.m. EST, the stock had gained 16.02% in the day's
market, trading at $7.48. Volume topped 28.8 million shares, above
the 65-day average volume of just over 15 million shares.
Last week, California Gov. Gavin Newsom said the state might
intervene if the company's shareholders and bondholders can't
quickly agree on a reorganization plan. "PG&E as we know it,
may or may not be able to figure this out, if they cannot we are
not going to sit around and be passive," Mr. Newsom said. "The
state will prepare itself as backup for a scenario where we do that
job for them."
Trading in the California utility had been halted around 2:29
p.m. EST Monday, due to volatility. Trading resumed about 15
minutes later.
The Wall Street Journal said last month PG&E management
proposed a restructuring plan that would see it raise both debt and
equity financing, which is backed by major institutional
shareholders collectively holding 51% of the PG&E's equity.
Bondholders have put forth a rival plan that would almost wipe out
existing equity and put firms like Elliott Management Corp. in
control of the company after it emerges from court protection.
PG&E filed for bankruptcy protection in January, as if faces
potential liabilities from its role in sparking California
wildfires.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
November 04, 2019 15:14 ET (20:14 GMT)
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