PG&E says secures $34.45 billion in debt financing for reform, shares soar

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PG&E says secures $34.45 billion in debt financing for reform, shares soar

On Friday, the 4th of October 2019, the San Francisco, CA-based American utility company PG&E Corp. had said in court filing that it had secured debt-financing commitments of roughly $34.35 billion for its slated Chapter 11 bankruptcy reorganization, suggesting a countermeasure to some of the stakeholders who had been planning to propose their own reorganization plan for the CA-based power and utility company.

Aside from that, in a court filing in the US Bankruptcy court of San Francisco, the CA-based power and utility company, PG&E Corp., which was forced to file a bankruptcy protection amid thousands of lawsuits on claims and liabilities over two deadly wild-fires between 2017 and 2018, had been quoted saying that the bankrupted company had received commitments from leading US lenders under better financial terms than some of its notable stakeholders were seeking to file.

In point of fact, PG&E was anticipating laibilites worth of roughly $30 billion from wildfire related claims, while excluding its latest commitments from leading US lenders, so far PG&E had received more than $14 billion in commitments from equity funds and sealed an $11 billion settlement with a group of insurers alongside another $1 billion with a group of public entities alongside local governments.

Meanwhile, followed by the reveal of the court filing, shares of PG&E Corp. snowballed 13.58 per cent to $10.87 on Friday’s (October 4th) market wrap-up.