October 17, 2019 / 11:45 PM / 4 months ago

PG&E noteholders, wildfire victims file formal reorganization plan

SAN FRANCISCO, Oct 17 (Reuters) - Noteholders of PG&E Corp and a committee for victims of the wildfires that pushed the power producer into bankruptcy filed a formal reorganization plan on Thursday for the company, proposing they get effectively all of its new shares.

The plan filed with the U.S. Bankruptcy Court in San Francisco, over PG&E's wishes, proposes the noteholders buy $15.5 billion in new shares, giving them 59.3% of equity. The plan also proposes issuing 40.6% new PG&E stock to fund a fire victims trust valued at $12.75 billion. (Reporting by Jim Christie; Editing by Christian Schmollinger)

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