PG&E Drops as Groups Support Ending Reorganization Exclusivity

Shares of the bankrupt California utility owner fell as much as 9.9% after wildfire victims, creditors, labor unions and the state’s consumer advocate for utility customers said they support ending PG&E’s exclusive right to offer a plan of reorganization.

• The Official Creditors Committee of PG&E says ending exclusivity would foster competition among plans and increases the likelihood of reaching the best outcome for fire victims, ratepayers and constituents
• PG&E stockholders would fare considerably better under PG&E’s plan than under the creditors’ plan, which would all but wipe out the value of their shares
• Shares -5.5% at 10:19 a.m. in New ...