PG&E gets $34 billion in debt financing as part of restructuring plan

The financing was included in a PG&E filing defending its exclusive right to move forward with a plan to exit the largest utility bankruptcy in US history

PG&E Corp, seeking to fend off a group of bondholders trying to take control of its bankruptcy, said it has lined up $34.4 billion in debt financing commitments for its planned reorganisation.

The California utility giant has received the commitments from banks including JPMorgan Chase & Co., according to court papers filed Friday. Terms of the financing are “far superior” to a rival proposal from the bondholder group led by Elliott Management Corp. and Pacific Investment Management Co., the company said.

The financing was included in a PG&E filing defending its exclusive right to move forward with a plan to exit the