PG&E Corp. has secured debtor-in-possession financing from lenders ahead of its planned bankruptcy filing around the end of the month, according to a representative for the Pension Benefit Guaranty Corp.
The federal agency has a mandate to ensure the continuation and protection of traditional private-sector retirement plans and sometimes ranks among the largest unsecured creditors.
PG&E also confirmed its previous statement that $5.5 billion of committed financing will be in place by the time it files for Chapter 11 bankruptcy. Companies typically secure DIP loan ahead of a bankruptcy financing to ensure normal operations continue while they restructure.
PG&E’s Pacific ...
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