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PG&E Lines Up $34B in Debt Financing Commitments as Shutoffs Begin

October 09, 2019, 09:00 AM
Filed Under: Bankruptcy
Related: JPMorgan Chase, PG&E

Bankrupt energy provider PG&E has secured up $34.4 billion in debt financing commitments from banks including JPMorgan Chase for its planned reorganization, according to press reports.

According to Bloomberg, PG&E said the financing terms are "far superior" to a rival proposal from the group led by Elliott Management. 

Meanwhile the company confirmed that it has implemented the first phase of a Public Safety Power Shutoff (PSPS) across significant portions of its service area in response to a widespread, severe wind event. A total of 800,000 customers are expected to be impacted by the intermittent shutoffs.

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