January 17, 2019 / 12:44 PM / 4 months ago

PG&E shareholder BlueMountain says bankruptcy unnecessary

FILE PHOTO: PG&E crew work on power lines to repair damage caused by the Camp Fire in Paradise, California, U.S. November 21, 2018. REUTERS/Elijah Nouvelage/File Photo

(Reuters) - PG&E Corp shareholder BlueMountain Capital Management LLC on Thursday “challenged” the U.S. utility’s decision to file for bankruptcy, saying it was unnecessary.

In a letter to the company’s board, the asset manager said “there is overwhelming evidence that PG&E is solvent”.

Earlier this week, PG&E, owner of the biggest U.S. power utility by customers, said it was preparing for Chapter 11 bankruptcy protection as soon as this month amid pressure from potentially crushing liabilities linked to California’s catastrophic wildfires in 2017 and 2018.

Reporting by Debroop Roy in Bengaluru; Editing by James Emmanuel

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