PG&E Loses Exclusive Control Over Reorg to Elliott, Pimco

(Bloomberg) — California power giant PG&E Corp. was stripped of its right to exclusively pitch a reorganization plan in court, escalating an already-heated battle over the largest utility bankruptcy in U.S. history.U.S. Bankruptcy Judge Dennis Montali said he’ll allow bondholders including Pacific Investment Management Co. and Elliott Management Corp. to pitch their own restructuring plan alongside PG&E’s, so they can both come up with ways the utility could deal with an estimated $30 billion in wildfire liabilities. The damages, tied to blazes that its equipment ignited, forced the utility to file for Chapter 11 in January.It’s the latest twist in …read more

Source:: Yahoo Finance