PG&E’s lenders offer billions, new name to rebrand utility
SACRAMENTO, Calif. (AP) — Pacific Gas & Electric’s key lenders have offered a $30 billion plan to pull the utility out of bankruptcy — and give the tarnished company a new name.
The Sacramento Bee reports the proposal filed Tuesday in U.S. Bankruptcy Court would set aside up to $18 billion of the $30 billion to pay claims on the 2017 and 2018 wildfires caused by PG&E equipment.
The plan offered by PG&E’s leading bondholders would compete with an alternative that the newspaper says is being drafted by PG&E.
The bondholders also want to rebrand PG&E as Golden State Power Light & Gas Company.
Asked about the bondholders’ plan, PG&E said it was considering all options as it navigates the bankruptcy process. The governor’s office didn’t immediately comment on the proposal.
Information from: The Sacramento Bee, http://www.sacbee.com