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Creditors of PG&E, owner of the biggest US power utility, reportedly propose a $35B exit plan

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Creditors of PG&E, including Elliott Management and Pacific Investment Management Co. (Pimco), are proposing a $35 billion plan for the California power utility to emerge from bankruptcy within a year, Bloomberg reported late on Wednesday.

Pimco, Elliott and David Kempner Capital Management have discussed the proposal with California lawmakers and other stakeholders, Bloomberg reported, citing sources familiar with the matter.

The plan would form a $14 billion cash trust to pay for the claims linked to the wildfires in 2017 and 2018, it said, citing the proposal seen by the news outlet.

 

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