Skip to main content

PG&E Slammed on Bankruptcy Court Ruling -- What's Next?

Publish date:
Video Duration:

Shares of embattled California utility giant PG&E (PCG) plunged nearly 30% Thursday after a U.S. bankruptcy court judge pulled the plug on the power company's exclusive control over its own reorganization process, allowing other parties to offer up their own plans. 

A U.S. bankruptcy Judge late Wednesday ruled that PG&E bondholders including Pacific Investment Management and Elliott Management will be allowed to submit their own restructuring plans on how to deal with an estimated $30 billion in wildfire liabilities.

The ruling came as PG&E began intentionally shutting off power to hundreds of thousands of customers across Northern California, including the heavily populated San Francisco Bay Area, in an attempt to avoid sparking another wildfire.

Bull Market Fantasy: LIVE TUESDAY & THURSDAY @10:45AM

Subscribe to our Youtube Channel for more videos : Listen our latest Podcasts on Soundcloud

Catch Up: Today's Top News Videos Below

Related Videos