Jan
29
PG&E Corp. arrived in chapter 11 bankruptcy at six minutes after midnight on Tuesday, saying it has an immediate need to borrow $1.5 billion as it launches what it says will be a long turnaround effort.
The loan, from a syndicate of Wall Street lenders led by JPMorgan Chase & Co., will grow to $5.5 billion, or even higher, if it is approved by the bankruptcy court. There’s room in the loan package for additional borrowing of up to $4 billion if PG&E convinces a judge it needs the money for a prolonged bankruptcy…
PG&E Unveils Details of $5.5 Billion Bankruptcy Loan
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