PG&E Lines up $5.5B in Credit, Loans to Keep Operating While Preparing for Bankruptcy
Pacific Gas & Electric Co. says it expects capital spending of $6.6 billion this year and about $6.9 billion in 2020.
PG&E made the disclosure in a filing with regulators on Wednesday. That comes after the company said last week that it plans to file for Chapter 11 bankruptcy because it can’t afford to pay at least $30 billion in expected damages due to deadly 2017 and 2018 Northern California wildfires.
On Tuesday, the utility said it has lined up $5.5 billion in credit and loans to continue operating as it prepares for the bankruptcy. PG&E secured debtor-in-possession financing in the form of credit and loans from several banks.
The San Francisco-based utility provides electricity and natural gas to about 16 million customers.