PG&E Plans To File Reorganization Plan

(RTTNews) - PG&E Corp. (PCG) said it expects to file its plan for reorganization with the bankruptcy court by September 9 and expects emerging from Chapter 11 protection by May 1.

PG&E said that it has been offered equity capital commitments from a number of financial institutions in support of a plan of reorganization of the company, following the earlier proposal made by Abrams Capital Management and Knighthead Capital Management. The commitments currently exceed $12 billion.

PG&E plans to continue to work collaboratively with all stakeholders as it further refines a plan of reorganization that meets objectives.