January 14, 2020 / 8:44 PM / 7 days ago

PG&E nears deal with Pimco, Elliott on restructuring plan - Bloomberg

Jan 14 (Reuters) - Bankrupt California power producer PG&E Corp is nearing a deal with creditors led by Pacific Investment Management Co and Elliott Management Corp that would entitle them to a mix of equity and new debt, Bloomberg reported bloom.bg/2Tqpfii on Tuesday, citing people familiar with the matter.

The bondholders led by Elliott Management have opposed PG&E’s reorganization plan and in December came out with an updated proposal that included a sweetened offer to California wildfire victims, no debt at the reorganized holding company and a new board with residents from California forming the majority of directors.

PG&E, Pimco and Elliott did not immediately respond to a Reuters request for comment.

Reporting by Shanti S Nair in Bengaluru; Editing by Amy Caren Daniel

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