PG&E Fire Victims Make it Official: No More Love For Elliott (1)

The committee representing wildfire victims in PG&E’s bankruptcy have made their divorce from Elliott Management and other noteholders official.

• The committee said in court papers it “hereby withdraws as a plan proponent” of an alternative reorganization backed by Elliott and several other noteholders
• Instead the committee, whose members include fire victims who lost homes, loved ones and businesses, will join in supporting a $13.5b plan cobbled together by PG&E and its shareholders
• The end of the committee’s relationship with Elliott, Pimco, Oaktree Capital and several other major distressed investors was inevitable -- the new deal with PG&E required the breakup ...