November 15, 2018 / 11:20 PM / a month ago

California regulator says agency does not want PG&E to go bankrupt: Bloomberg

(Reuters) - A California Public Utilities Commission official told investors on a conference call that the agency does not want PG&E Corp to go into bankruptcy, Bloomberg reported, citing a person familiar with the matter.

The call was hosted by Bank of America Corp analysts and included the commission's president Michael Picker and other officials, the report said. (bloom.bg/2DlFOUu)

Shares of PG&E surged 37 percent in extended trade on Thursday after dropping 31 percent in regular trading.

A wildfire in northern California destroyed the town of Paradise and killed at least 56 people, igniting fears the utility could be blamed.

Reporting by Ankit Ajmera in Bengaluru

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