Bankruptcy Law News

Elliott Calls for Alternative Plan to Reorganize PG&E

Dec. 12, 2019, 1:43 PM

Elliott Management Corp., one of PG&E’s largest creditors, says the company is pursuing a reorganization plan that benefits only a small group of current holders at the expense of other key stakeholders.

  • Elliott says PG&E’s plan jeopardizes both the immediate-term and long-term health of the Company and its critical infrastructure
  • Says any plan must have a long-term sustainable capital structure, revamp board and management team
  • Elliott says PG&E’s plan would increase company’s debt load to over $34b, more than $10b greater than when company filed for bankruptcy in January, and create a “slush fund” siphoning money from customers for the...

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