PG&E is in discussions with investment banks about a multibillion-dollar financing package to help navigate bankruptcy proceedings.
PG&E is in discussions with investment banks about a multibillion-dollar financing package to help navigate bankruptcy proceedings, a sign that Chapter 11 filing preparations are intensifying in the wake of potentially staggering liabilities from deadly wildfires, sources said on Sunday.
The California utility owner is in touch with large banks about so-called debtor-in-possession financing that could total between $3 billion and $5 billion, though the exact figure remains in flux and could end up being higher, said the sources, who are familiar with the matter.
PG&E Corp declined to comment.
The company may alert employees as soon as Monday about its preparations for a potential bankruptcy filing in compliance with a state law about providing notice at least 15 days before such an event, one of the people said.
