SAN FRANCISCO (Reuters) - 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.
Reporting by Jim Christie; editing by Jonathan Oatis and Sonya Hepinstall