Shares of embattled California utility giant PG&E (PCG) - Get Report 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.
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