PG&E Corp shareholders are proposing raising $15 billion in equity to fund a pla...
FILE PHOTO: PG&E works on power lines to repair damage caused by the Camp Fire in Paradise, California, U.S. November 21, 2018. REUTERS/Elijah Nouvelage
The proposed fundraising, a rights offering of selling new shares, is the latest effort to rescue PG&E, which sought Chapter 11 bankruptcy protection earlier this year after severe wildfires in 2017 and 2018 resulted in more than $30 billion in liabilities. Hedge funds Knighthead Capital Management and Abrams Capital Management, the shareholders that made the proposal in a letter to PG&E, pledged to purchase a portion of the offered equity if shares are left unsold through a so-called backstop commitment, the filing showed.
In May, state fire investigators determined that PG&E transmission lines caused the deadliest and most destructive wildfire on record in California, a blaze that killed 85 people last year.
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