The California Public Utilities Commission on Monday approved a plan by power provider PG&E Corp to seek up to $6 billion in debtor-in-possession financing for its expected bankruptcy.
The commission backed the plan at an emergency meeting ahead of PG&E`s anticipated filing for Chapter 11 bankruptcy protection. The plan increases PG&E`s 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.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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