January 13, 2019 / 6:14 PM / 2 months ago

EXCLUSIVE-PG&E in talks with banks on multibillion bankruptcy financing -sources

Jan 13 (Reuters) - California utility owner PG&E Corp is in discussions with investment banks about a multibillion-dollar financing package to help navigate bankruptcy proceedings, a sign the company’s Chapter 11 filing preparations are intensifying in the wake of potentially staggering liabilities from wildfires, people familiar with the matter said on Sunday.

PG&E Corp is in touch with large banks about so-called debtor-in-possession financing that could total between $3 billion and $5 billion, though the exact figure remains in flux and could end up being higher, the sources said.

PG&E Corp declined to comment. (Reporting by Mike Spector and Liana B. Baker in New York; Editing by Jeffrey Benkoe)

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