PG&E Readies $9b Proceeds in Plan for Chapter 11 Emergence (2)

(Updates with further details.)

PG&E expects $5.75b of gross proceeds of offerings of common stock and equity units, together with ~$3.25b of proceeds from private sales of common stock, to fund distributions under the company’s plan of reorganization.

• PG&E in pact with investors including affiliates of Appaloosa, Third Point LLC, Zimmer Partners and Fidelity Management & Research Company that have agreed to purchase an aggregate of $3.25b in common stock of PG&E, expected to be issued in a private placement upon PG&E’s emergence from Chapter 11
  • The transaction is expected to close on the effective date of PG&E’s emergence from ...