SAN FRANCISCO (Reuters) - The California Public Utilities Commission will hold an emergency meeting on Monday afternoon to review a request by power provider PG&E Corp to seek up to $6 billion in debtor-in-possession financing for the company's expected bankruptcy, the agency said in a notice.
The meeting will be held in San Francisco ahead of PG&E's anticipated filing for Chapter 11 bankruptcy protection and will take up an application by the power provider to increase its borrowing for short-term needs by $2 billion, lifting it to a total of $6 billion.
San Francisco-based PG&E, which carries a debt load of more than $18 billion, earlier this month said it would file for a court-supervised reorganization on or about Jan. 29 in the aftermath of wildfires in California in 2017 and 2018.
(Reporting by Jim Christie; editing by Jonathan Oatis)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app