Bankruptcy Court Approves PG&E Corp.'s Financing Motion

(RTTNews) - PG&E Corp. (PCG) said bankruptcy court of Northern California has approved the use of $23 billion financing to support the company's turnaround plan. The company won the approval as the California Governor has decided to withdraw his objections to the financing commitments. The financing includes $11 billion in debt commitments, $9 billion in new equity and $3 billion through new shares.

In a public letter to the company on December 13, the California Governor had rejected an earlier PG&E reorganization plan saying it lacked major changes in governance and tougher safety enforcement mechanisms.