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Hedge fund ups stake in PG&E as it pushes management overhaul

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Hedge fund ups stake in PG&E as it pushes management overhaul

Redwood Capital Management LLC disclosed beneficial ownership of 14,200,197 shares in PG&E Corp., according to a March 15 filing.

The reported shares represent 2.69% of PG&E Corp.'s 527,561,429 outstanding shares as of Feb. 22. Redwood Capital Management beneficially owned 4,217,099 shares as of Dec. 31, 2018, according to S&P Global Market Intelligence data.

Hedge funds Redwood Capital Management, Knighthead Capital Management LLC and Abrams Capital Management LP together intend to nominate a slate of directors to PG&E Corp.'s board and name their choices for the company's next CEO. The three investors beneficially own nearly 10% of outstanding shares.

Another investor, BlueMountain Capital Management LLC, has nominated its own slate of directors, including ValueAct Capital Management LP CEO Jeff Ubben.

Outgoing Tennessee Valley Authority President and CEO Bill Johnson is reportedly the front-runner to become the next chief executive of PG&E Corp., which filed for bankruptcy protection in January due to billions of dollars in potential liabilities from California wildfires.