June 25, 2019 / 3:17 PM / 4 months ago

PG&E bondholders propose competing bankruptcy plan

June 25 (Reuters) - A committee of bondholders of PG&E Corp’s utility unit on Tuesday proposed filing a bankruptcy reorganization plan that would inject up to $30 billion, primarily equity, to help the California utility emerge from Chapter 11 and address liability from wildfires.

In a filing with the U.S. bankruptcy court in San Francisco, the committee of senior unsecured noteholders of Pacific Gas and Electric Co also sought to terminate the utility’s exclusive period to file and confirm its own bankruptcy plan, saying “the need to exit bankruptcy expeditiously is paramount” and PG&E has been too slow to file a plan. (Reporting by Jonathan Stempel in New York Editing by Chizu Nomiyama)

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