California utilities regulator reviewing PG&E request for $6 billion in borrowing

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.

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