California utilities regulator reviewing PG&E request for $6 billion in borrowing

FILE PHOTO: A PG&E truck carrying an American Flag drives past PG&E repair trucks in Paradise
FILE PHOTO: A PG&E truck carrying an American Flag drives past PG&E repair trucks in Paradise, California, U.S. November 21, 2018. REUTERS/Elijah Nouvelage/File Photo

January 28, 2019

SAN FRANCISCO (Reuters) – The California Utilities Commission said in a notice on Monday it would hold an emergency meeting to review a request by power provider PG&E Corp to seek up to $6 billion in debtor-in-possession financing for the company’s expected bankruptcy.

The meeting will be held Monday afternoon in San Francisco ahead of PG&E’s anticipated filing for Chapter 11 bankruptcy protection and will take up an application by the power provider to increase its borrowing for short-term needs by $2 billion, lifting it to a total of $6 billion.

(Reporting by Jim Christie; editing by Jonathan Oatis)

Source link