Want to Invest in PG&E? Stick to Bonds, Not Common Stock, Says Jim Cramer
Pacific Gas & Electric Corp.
Filed for Chapter 11 bankruptcy protection Tuesday as the California utility seeks to manage liabilities related to the state's deadly wildfires that could reach as high as $30 billion.
TheStreet's Martin Baccardax reported on the bankruptcy.
PG&E, which owns the biggest power utility in the United States, filed the request in the U.S. Bankruptcy Court for the Northern District of California and is also seeking $5.5 billion in so-called 'debtor-in-possession' financing to fund its ongoing operations and safety initiatives.
Jim Cramer said that he thinks that investors should stick to bonds, not common if they want to invest in the company.
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