Saturday , January 29 2022

PG & E talks with banks about millionaire funding to overcome bankruptcy


The company is in contact with large banks for so-called 'debtor-based' funding, which could range from USD 3,000 to 5,000 million.

California Public Services PG & E Corp talks with investment banks about a million-dollar financial package to go through the bankruptcy procedure.

There is a sign that the company's readiness to submit documents under Chapter 11 of the US Bankruptcy Act is intensifying as they face enormous commitments to forest fires, sources added.

PG & E Corp. contacts major banks for so-called "debtor possession", which could range from $ 3,000 to $ 5,000 million.

In any case, they pointed out that the exact figure remains uncertain and could be higher. PG & E Corp. abstained from commenting. (Report by Mike Spector and Liana B. Baker in Gabriel Burin, New York, Spanish)

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