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PCG PR H - Pacific Gas And Electric Co News Story

$22.3 -0.0  -0.0%

Sector
Utilities
Size
Large Cap
Market Cap £4.18bn
Enterprise Value £29.92bn
Revenue £13.39bn
Position in Universe th / 6846

BRIEF-Pg&E Corp - Corporation Entered Into Chapter 11 Plan Backstop Commitment Letters

Mon 18th November, 2019 2:18pm
Nov 18 (Reuters) - PG&E Corp  PCG.N :
    * PG&E CORP - ON NOVEMBER 16, CORPORATION ENTERED INTO
CHAPTER 11
PLAN BACKSTOP COMMITMENT LETTERS
    * PG&E CORP - NEW BACKSTOP PARTIES COMMITTED TO FUND UPTO
$7.4
BILLION OF PROCEEDS TO FINANCE REVISED PLAN THROUGH PURCHASE OF
CORPORATION'S COMMON STOCK
    * PG&E CORP - NEW BACKSTOP COMMITMENT LETTERS CONTEMPLATE
THAT
CORP WILL SEEK $12 BILLION OF NEW BACKSTOP COMMITMENTS BY NO
LATER THAN DEC 6
    * PG&E CORP - NEW BACKSTOP COMMITMENT LETTERS SUPERSEDE AND
REPLACE ANY PRIOR BACKSTOP COMMITMENTS OF THE NEW BACKSTOP
PARTIES
    * PG&E CORP SAYS NEW BACKSTOP COMMITMENT LETTERS PROVIDE
THAT CORP
WILL FILE REVISED CHAPTER 11 PLAN OF REORGANIZATION - SEC FILING
    * PG&E CORP - REVISED CHAPTER 11 PLAN INCLUDES ABRAMS
CAPITAL
MANAGEMENT & KNIGHTHEAD CAPITAL MANAGEMENT LLC AS PLAN
PROPONENTS
    * PG&E CORP - INITIAL COMMITMENT PREMIUM FOR NEW BACKSTOP
COMMITMENTS IS 0.955% OF AMOUNT OF NEW BACKSTOP COMMITMENTS
    * PG&E CORP - INITIAL TERM OF NEW BACKSTOP COMMITMENT
LETTERS
EXPIRES ON JAN 20, 2020
    * PG&E - NEW BACKSTOP PARTIES MAY END NEW LETTERS IF CO,
UTILITY
AGGREGATE LIABILITY RELATED TO PREPETITION WILDFIRE-RELATED
CLAIMS EXCEED $25.5 BILLION
    * PG&E - NEW BACKSTOP PARTIES MAY END NEW BACKSTOP
COMMITMENT
LETTERS IF LETTERS ARE NOT APPROVED BY BANKRUPTCY COURT BY DEC
20, 2019
    * PG&E CORP - INTENDS TO EXPLORE A TAX BENEFITS MONETIZATION
TRANSACTION
    * PG&E - NEW BACKSTOP PARTIES MAY END NEW BACKSTOP
COMMITMENT
LETTERS IF BANKRUPTCY COURT DETERMINES THAT CO, UTILITY ARE
INSOLVENT

Source (https://bit.ly/2CViuf2)
Further company coverage:  PCG.N 

 ((Reuters.Briefs@thomsonreuters.com;))
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