WASHINGTON (dpa-AFX) - PG&E Corp. (PCG) announced that it is preparing to initiate voluntary reorganization proceedings under Chapter 11. The company does not expect any impact to electric or natural gas service for its customers as a result of Bankruptcy process.
The company and its wholly owned subsidiary Pacific Gas and Electric Company currently intend to file petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on or about January 29, 2019.
PG&E said it has engaged in discussions with potential lenders with respect to Debtor-in-Possession financing. PG&E expects to have approximately $5.5 billion of committed DIP financing and has received highly confident letters from a number of major banks.
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