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PG&E gets another financing proposal for reorganization plan

PG&E Corp. has received substantially similar equity capital commitments to those offered by Abrams Capital Management LP and Knighthead Capital Management LLC in support of the utility's reorganization plan.

The commitments from undisclosed financial institutions exceed $12 billion, the company said in an Aug. 12 news release.

The proposal by Abrams Capital Management and Knighthead Capital Management calls for the issuance of up to $15 billion of shares by reorganized PG&E through a rights offering. It includes backstop commitment letters and related materials.

PG&E said it is still refining its reorganization plan. The California utility recently provided a glimpse of this plan, which assumes "a substantial infusion of cash raised from existing equity holders" and "equity financed securitized bonds."