On Saturday June 20, Judge Dennis Montali of the U.S. Bankruptcy Court approved the unique proposal of PG&E to launch two public equity offerings. The company is attempting to exit one of largest utility bankruptcies in U.S. history.
PG&E expects to raise a total of $5.23 billion from common stock and separate sales of equity units. This offer is anticipated to begin during the week of June 22 and close around the first of July.
PG&E previously raised more than $13 billion in debt markets, due to its defective equipment and transmission lines causing of some of the worst wildfires in Northern California. The court approval will help the company contribute to a $20 billion state fund, to cover the liabilities.
“We hope the actions that we are taking to reduce wildfi…