PCG PG&E Corporation

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)

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