PG&E's Lenders Offer Billions, New Name to Rebrand Utility

Pacific Gas & Electric's key lenders have offered a $30 billion plan to pull the utility out of bankruptcy and give the tarnished company a new name.

The Sacramento Bee reported the proposal filed Tuesday in U.S. Bankruptcy Court would set aside up to $18 billion of the $30 billion to pay claims on the 2017 and 2018 wildfires caused by PG&E equipment.

The plan offered by PG&E's leading bondholders would compete with an alternative that the newspaper says is being drafted by PG&E.

The bondholders also want to rebrand PG&E as Golden State Power Light & Gas Company.

Asked about the bondholders' plan, PG&E said it was considering all options as it navigates the bankruptcy process.

In a statement, the company said: PG&E is committed to working together with our stakeholders through the Chapter 11 process to fairly and expeditiously resolve our liabilities resulting from the 2017 and 2018 Northern California wildfires, develop a more sustainable business model, and continue delivering safe and reliable service. We can assure our customers and communities that we are looking at all options when it comes to working with the Governor and all stakeholders"

The governor's office didn't immediately comment on the proposal.

The plan comes on the heels of Gov. Gavin Newsom proposing a $2.4 billion package to deal with wildfires in California in the future.

Copyright AP - Associated Press
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