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PG&E secures $12B of backstop commitments

PG&E Corp. and its utility subsidiary Pacific Gas and Electric Co. reached a new agreement with additional backstop parties for the issuance of up to $12 billion in new PG&E common shares to help the companies emerge from bankruptcy by June 30, 2020.

The new backstop parties may terminate the new commitment letters if PG&E Corp. and PG&E enter into any third-party transaction to monetize any net operating losses or tax deductions resulting from the payment of pre-petition, wildfire-related claims and the net cash proceeds are less than $3.0 billion.

The latest commitments are in addition to the $14 billion of backstop commitments previously secured by PG&E Corp.

On Dec. 6, the companies announced that they have reached a $13.5 billion settlement agreement with victims of California wildfires linked to their electric transmission infrastructure.