PG&E to hold sole rights to bankruptcy exit plan: WSJ

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A judge overseeing PG&E Corp’s bankruptcy case allowed the California utility to hold on to sole rights to its Chapter 11 exit plan, the Wall Street Journal reported on Friday.

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FILE PHOTO: A PG&E truck carrying an American Flag drives past PG&E repair trucks in Paradise, California, U.S. November 21, 2018. REUTERS/Elijah Nouvelage

(Reuters) – A judge overseeing PG&E Corp’s (PCG.N) bankruptcy case allowed the California utility to hold on to sole rights to its Chapter 11 exit plan, the Wall Street Journal reported on Friday.

Judge Dennis Montali of the U.S. Bankruptcy Court in San Francisco turned down requests from two groups of creditors wanting to propose a Chapter 11 exit plan for PG&E, the Journal reported.

PG&E sought Chapter 11 bankruptcy protection earlier this year after severe wildfires in 2017 and 2018 resulted in more than $30 billion in liabilities and its investors have asked a judge to allow them to put forward a reorganization plan as well.

Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel


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Author:

A judge overseeing PG&E Corp’s bankruptcy case allowed the California utility to hold on to sole rights to its Chapter 11 exit plan, the Wall Street Journal reported on Friday.

Source: {authorlink}

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