San Francisco’s offer significantly undervalued its assets and a deal wouldn’t be in the best interest of its customers, PG&E Chief Executive Officer Bill Johnson wrote in a letter, dated October 7, to San Francisco Mayor London Breed. The company’s financing strategy to emerge from bankruptcy did not include selling off company assets, Johnson said in the letter. In early September, eight months after the utility sought Chapter 11 bankruptcy protection, San Francisco offered to buy PG&E’s assets serving the city. …read more
Source:: Yahoo Finance
