Monday , September 26 2022

PG & E talks with banks for millionaire financing to overcome bankruptcy



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The company is in contact with large banks for the so-called "debtor in possession" financing, which could total between $ 3,000 million and $ 5,000 million, sources said.


The California public services group PG & E Corp talks to investment banks about a millionaire financial package to cross the bankruptcy procedure, Sunday people familiar with the topic said.

This is a signal that the company's preparations to be presented under Chapter 11 of the US bankruptcy law are intensifying, as they face huge liabilities for forest fires, they added the sources.

PG & E Corp is in contact with large banks for the so-called "debtor in possession" financing, which could total between $ 3,000 million and $ 5,000 million, sources said.

In any case, they indicated that the exact figure was still undefined and could be bigger. PG & E Corp abstained from commenting. (Report by Mike Spector and Liana B. Baker in New York, edited in Spanish by Gabriel Burin)

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