Elliott Bashes PG&E Bankruptcy Plan as Failing State Guidelines

Elliott Management Corp. criticized PG&E Corp.’s restructuring plan, saying it doesn’t meet California’s guidelines and jeopardizes the long-term health of the company.

The New York hedge fund, which is one of PG&E’s largest creditors, on Thursday came out publicly for the first time against the company’s plan, saying in a statement that its own proposal would leave California’s largest utility in better financial shape when it emerges from bankruptcy.

“The PG&E plan is not in the best interests of California residents, small businesses and commercial and industrial customers within PG&E’s service territory,” Elliott said in the statement. “It was ...