California-based utility giant PG&E announced plans Monday to raise $5.75 billion from public stock offerings as it tries to emerge from Chapter 11 bankruptcy by the end of this month.
Conway G.
Gittens has more on the plan.
Troubled California power company PG&E wants to emerge from bankruptcy protection by the end of the month and it's looking to Wall Street for cash to get it done.
PG&E announced a plan Monday to sell nearly $6 billion in new company stock.
In addition, a number of private equity firms have agreed to take an equity stake worth up to $3.25 billion once PG&E completes the bankruptcy process.
There's also a debt sale coming.
A source told Reuters Friday that the utility provider is working on an $11 billion debt-financing package.
PG&E is in the a race against the clock.
It needs to be out of bankruptcy by June 30th in order to take part in a state-backed wildfire fund that would cap liabilities from wildfires.
California's largest utility was brought to the brink as it faced potential liabilities upwards of $30 billion after its equipment was linked to major wildfires in 2017 and 2018.
Its road through bankruptcy has been rocky.
The state regulator and the governor ordered a boardroom shake-up, saying the public utility had not done enough to clean up its mess and prevent another disaster from occurring.
PG&E's financial plan to dig itself out of the bankruptcy hole received a green light from investors on Monday.
Shares traded higher.
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