Bankrupt Northern California utility PG&E Corp. (PCG) - Get PG&E Corporation Report is struggling to find financing for a restructuring plan as it continues to negotiate with victims of wildfires blamed on utility equipment failures, according to a published report.
The company has arranged for $7.4 billion in additional pledges but needs another $4.6 billion by Dec. 6, Bloomberg reported.
The utility declared bankruptcy at the beginning of the year under the burden of billions of dollars of claims stemming from deadly fires in 2017 and 2018.
Separately, the company said it may conduct more public safety power shutdowns affecting hundreds of thousands of customers this week to prevent fires as hot dry winds blow over its service area.
A large fire in October that burned more than 100 square miles and more than 100 homes has been linked to the utility's transmission lines.