PG&E has lined up credit and loans from several banks as it braces for a bankruptcy process that the embattled California utility believes will last two years.
PG&E has secured $5.5 billion in credit as it braces for a bankruptcy process that the embattled California utility believes will last two years.
Shares of PG&E were up about 9 percent to just under $8 on Tuesday. The stock price has plunged since the company announced it plans to pursue Chapter 11 bankruptcy by the end of the month.
The company, California’s largest utility, is facing at least $30 billion in liabilities related to wildfires in 2017 and 2018.
