Shares of PG&E Add More Than 9%
November 05 2019 - 11:08AM
Dow Jones News
By Allison Prang
Shares of PG&E Corp. (PCG) rose 9.4% Tuesday morning.
The Wall Street Journal reported earlier that more than a dozen
California mayors, including those of Oakland and Sacramento, were
supporting a plan to turn PG&E into a cooperative owned by
customers.
The Journal's story said a group of local government leaders
were planning to deliver a letter to California's governor and the
state's public utilities commission advocating that this proposal
be considered before California approves a plan for the company's
organization under bankruptcy.
Investors and insurance companies also have revised their
settlement with PG&E that determines what will happen if
PG&E becomes insolvent. The settlement is part of the company's
restructuring plan.
Shares of PG&E have fallen 27% in the last month and 67%
year to date.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
November 05, 2019 10:53 ET (15:53 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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