August 13, 2019 / 12:59 AM / a month ago

PG&E receives more equity commitment proposals

Aug 12 (Reuters) - Power producer PG&E Corp said on Monday it had received more proposals for equity commitments to support the company’s reorganization, following an earlier offer by hedge funds Knighthead Capital Management and Abrams Capital Management.

The commitments currently exceed $12 billion, the company said in a statement.

Last week, shareholders Knighthead Capital and Abrams proposed raising $15 billion in equity to fund a planned reorganization of PG&E, which is facing over $30 billion in liabilities from severe wildfires in California.

The proposed fundraising, a rights offering of new shares, is the latest effort to rescue the power producer, which sought Chapter 11 bankruptcy protection earlier this year. (Reporting by Debroop Roy in Bengaluru; Editing by Sandra Maler)

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