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PG&E discussing multibillion dollar bankruptcy financing: sources

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PG&E discussing multibillion dollar bankruptcy financing: sources

PG&E discussing multibillion dollar bankruptcy financing: sources

PG&E Corp is in discussions with investment banks about a multibillion-dollar financing package to help navigate bankruptcy proceedings, a sign that Chapter 11 filing preparations are intensifying in the wake of potentially staggering liabilities from deadly wildfires, sources said.

Jillian Kitchener reports.

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PG&E discussing multibillion dollar bankruptcy financing: sources

Facing potentially staggering liabilities from the deadly wildfires in California last year, utility giant PG&E is in discussions with investment banks about a multibillion-dollar financing package to help navigate bankruptcy proceedings.

Sources told Reuters - exclusively - that the company is negotiating debtor-in-possession loans with the banks, which means PG&E is seriously considering bankruptcy protection so they can continue operations while working through court proceedings.

The sources say the financing could total between $3 and $5 billion dollars -- but the exact figure remains in flux and could end up going even higher.

PG&E declined to comment.

One source told Reuters the company could alert employees as soon as Monday about its preparations for a potential bankruptcy filing.

Analysts estimate the company is facing between $24 to $30 billion in liabilities from the devastating wildfires in California… One of them, the Camp Fire, which swept through the mountain community of Paradise and killed at least 86 people, is the deadliest and most destructive blaze in the state's history.




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