Solution may be in sight for power utility bankrupted by fires
Californian utility PG&E is close to a deal with creditors, insiders say
New York/Wilmington/San Francisco — The hard-fought battle that has kept the biggest utility bankruptcy in US history dragging on for almost a year may finally be coming to an end.
PG&E is nearing a deal with a group of noteholders led by bond giant Pacific Investment Management and activist investor Elliott Management, which have repeatedly sought to derail the company’s $46bn restructuring plan. The agreement would entitle them to a mix of equity and new debt in the California power giant if they scrap a rival proposal, people familiar with the matter said, asking not to be identified because the information isn’t public...
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