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PG&E Offers $5.23 Billion in Equity to Fund Bankruptcy Exit (1)

June 23, 2020, 1:41 PM

PG&E Corp. launched two public equity offerings totaling $5.23 billion as it prepares to exit the biggest utility bankruptcy in U.S. history.

The company plans to raise $4 billion from a common stock offering and $1.23 billion from a separate sale of equity units, according to a statement Monday. The offerings are expected to price this week and close on or about July 1, at which point PG&E aims to exit Chapter 11.

PG&E has already raised more than $13 billion in the debt markets to finance its bankruptcy, which began after its equipment sparked deadly wildfires in Northern California ...