Pg&E Bondholders Seek Right To Submit Financial Reorganization Plan - SFGate

Pg&E Bondholders Seek Right To Submit Financial Reorganization Plan - SFGate: SAN FRANCISCO (BCN)

A group of PG&E Co. bondholders asked a federal bankruptcy judge in San Francisco on Tuesday for the right to submit a $30 billion financial reorganization plan for the utility.

U.S. Bankruptcy Judge Dennis Montali will hold a hearing on July 23 on the group's request for termination of the time period when PG&E is the only entity allowed to submit a reorganization plan.

The investment companies said in a filing that PG&E is working at a "sluggish pace" and hasn't submitted its own plan after more than five months in bankruptcy court.

The bondholders' proposed plan would provide $30 billion in new investment, much of it in exchange for company stock, to pay the utility's debts, pay $16 billion in wildfire claims and contribute $4 billion to a fund for future wildfire claims.

It also calls for "rebranding and renaming" the utility. Employees would be given 60 days to recommend new names and if none of the recommendations is chosen, the proposed new name would be "Golden State Power Light & Gas Co."

The bondholders said, "The need to exit bankruptcy is paramount" and said the proposal could enable PG&E to leave its Chapter 11 bankruptcy by the en