PG&E evaluating proposal from Knighthead Capital, Abrams Capital
PG&E said on Friday it is evaluating a proposal from hedge funds Knighthead Capital Management and Abrams Capital Management to provide equity capital commitments supporting a plan to reorganize the company. ""The Company has received the financing proposal from Abrams and Knighthead and is evaluating it, including the backstop commitment letters and related materials, in consultation with the Company's advisors. The Company will respond to the proposal in due course. PG&E intends to work collaboratively with all of its stakeholders as we continue to further refine a plan of reorganization that meets the objectives outlined in our second-quarter earnings release and recent filings with the Bankruptcy Court."