PG&E emerges from bankruptcy
The company said that it had completed its restructuring and exited Chapter 11
Stocks impacted: Pacific Gas and Electric Company (PCG)
California’s largest utility emerged from bankruptcy and put $5.4 billion in cash and 22.19% of its stock into a trust for victims of wildfires caused by the utility’s equipment. As a result of the Chapter 11 proceedings, PG&E has retired expensive, high-coupon debt and replaced it with lower-cost debt. As a reminder, PG&E sought bankruptcy protection in January 2019 after accumulating a $30 billion in liability for fires started by its poorly maintained equipment. Now, when its bankruptcy behind it, the firm is hoping to recast its public image. PG&E has pledged to state lawmakers and regulators that it will improve safety and compensate wildfire victims. The company’s stocks finished 1.80% higher on Wednesday and could stage a rally today amid the upbeat news.
Make profit on it right now!