PG&E plans to raise up to US$25.7 bln by selling securities

February 26, 2020 09:53
A file picture shows protesters holding signs during a demonstration in front of power utility PG&E Corp’s headquarters in San Francisco, California on Dec. 16, 2019. Photo: Bloomberg

California power producer PG&E Corp said on Tuesday that it plans to raise up to US$25.68 billion by selling securities, as it works its way out of the bankruptcy process, Reuters reports.

The company is restructuring amid Chapter 11 proceedings, while trying to bounce back from the negative publicity after its equipment in California was blamed for deadly wildfires.

PG&E needs to exit bankruptcy by June 30 to participate in a state-backed fund that would help power utilities cushion the hit from wildfires, according to the report.

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