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PCG PR H - Pacific Gas And Electric Co News Story

$22.31 0.0  0.0%

Sector
Utilities
Size
Large Cap
Market Cap £4.18bn
Enterprise Value £29.87bn
Revenue £13.37bn
Position in Universe th / 6853

BUZZ-PG&E Corp rises after wildfire victims support reorganization plan

Mon 18th May, 2020 12:40pm
** Shares of bankrupt power provider  PCG.N  rise 4.8% to
$11.88 premarket, after company said its reorganization plan had
been accepted by an overwhelming majority of wildfire victims
 urn:newsml:reuters.com:*:nBw9xHxmja
    ** Voting approval of the plan takes its one step closer to
exit bankruptcy by June 30 to take part in a state-backed
wildfire fund that would help reduce the threat to utilities
from wildfires
    ** A California regulator had last month asked PCG for
governance and oversight changes to its reorganization plan; PCG
filed for bankruptcy protection in Jan last year, citing
potential liabilities from wildfires sparked by its equipment in
2017 and 2018  urn:newsml:reuters.com:*:nL2N2C913B
    ** Says final voting results for the Plan to be filed with
the U.S. Bankruptcy Court on or before May 22, company's plan
confirmation hearing scheduled for May 27, 2020
    ** PCG set for best day in two weeks; up 4.2% YTD
    

 (Reporting by Susan Mathew in Bengaluru;)
 ((susan.mathew@thomsonreuters.com; +91-80-6287-2704;))
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