PG&E raises fresh debt as it works toward bankruptcy exit

PG&E raises fresh debt as it works toward bankruptcy exit
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Pacific Gas and Electric Co. completed an $8.925 billion debt deal on Tuesday to help finance the company as it emerges from bankruptcy.

The six-part bond deal, rated Baa3 by Moody’s and BBB- by S&P, is part of a larger $59 billion turnaround plan for the California power utility, which is gearing up to leave Chapter 11 with more debt than it entered bankruptcy with, in part to help pay billions of dollars’ worth of fire-related claims.

The new debt deal comes on the same day that a bankruptcy judge in San Francisco said he planned to greenlight the company’s reorganization plan and as PG&E’s chief executive pleaded guilty on behalf of the company to killing 84 people in the 2018 wildfire that wiped out the Northern California town of Paradise.



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