reorganization News

PG&E Fire Victims Warn Market Turmoil Endangers Their Settlement

Market turmoil from the coronavirus is spilling into the bankruptcy of California power giant PG&E Corp. Victims of wildfires blamed on PG&E’s equipment are concerned the sell-off on Wall Street could hobble stock payments that make up half of a …

PG&E Glides Toward Bankruptcy Exit Now That State Is Focused on Virus

The deepening coronavirus crisis has shifted nearly all attention away from what had been one of California’s most pressing issues: the fate of embattled utility PG&E Corp. Now, the company is quietly edging closer to exiting the largest utility bankruptcy …

PG&E Wins Approval of $23 Billion Bankruptcy Financing Package

PG&E Corp. won bankruptcy court approval to use up to $23 billion in financing after California Governor Gavin Newsom dropped his opposition, clearing a crucial obstacle to the power company’s push to exit Chapter 11. U.S. Bankruptcy Judge Dennis Montali …

PG&E Nearing Deal With Pimco, Elliott on Restructuring Plan

PG&E Corp. is nearing a deal with a group of bondholders led by Pacific Investment Management Co. and Elliott Management Corp. that would entitle them to a mix of equity and new debt if they scrap their rival restructuring plan, …

PG&E, Newsom Clash Over a Clause That May Allow State Takeover

A clause that would allow California to take over bankrupt utility giant PG&E Corp. under certain circumstances has emerged as a big sticking point in negotiations between the company and Governor Gavin Newsom. Newsom wants the power company to include …

PG&E Removes California Governor From $13.5 Billion Fire Deal

Bankrupt utility giant PG&E Corp. has removed a requirement that California Governor Gavin Newsom sign off on its settlement with wildfire victims, trying to buy more time for its restructuring plan. PG&E reached an agreement Monday with representatives of the …

Penn National Announces Organizational Chart Revisions

Penn National Insurance named Robert Brandon executive vice president and chief operating officer, responsible for the insurance operations of the company. Brandon’s promotion becomes effective Dec. 31., when Christine Sears, executive vice president and COO, who was named president and …