PG&E Seeks About $9B From Investors For Ch. 11 Exit

Law360 (June 8, 2020, 6:39 PM EDT) -- Pacific Gas and Electric said Monday it plans to raise about $9 billion in exit financing to help the utility emerge from its $59 billion Chapter 11 proceedings, which were triggered by deadly California wildfires.

PG&E Corp., the holding company for Pacific Gas and Electric Co., said investors have agreed to buy $3.25 billion of its common stock at $10.50 per share, a discount of about $2 off the company's closing stock price on Friday, the last business day before the investment was announced.

PG&E expects to raise an additional $5.75 billion from investors through public offerings and equity units and...

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