SAN FRANCISCO - Noteholders of PG&E Corp and a committee for victims of the wildfires that pushed the power producer into bankruptcy filed a formal reorganization plan on Thursday for the company, proposing they get effectively all of its new shares.
This month, U.S. bankruptcy Judge Dennis Montali issued an order allowing the noteholders and wildfire victims committee to file a reorganization plan for PG&E after the noteholders offered to put $29.2 billion in new money, in a combination of equity and debt, into the San Francisco-based power producer.
Allowing the noteholders, which include Apollo Capital Management and Elliott Management Corp, and the wildfire victims committee to file a reorganization while PG&E advances its own plan could force the sides to negotiate a bankruptcy settlement, Montali said in his order.
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